Australian Market Extends Early Losses In Mid-market

(RTTNews) - The Australian stock market is extending its early loses in mid-market moves on Friday, adding to the losses in the previous three sessions, following he broadly negative cues from European markets and lack of cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 8,500 level, with weakness in iron ore miners and financial stocks and a mixed performance in all other sectors.

The benchmark S&P/ASX 200 Index is losing 42.90 points or 0.50 percent to 8,480.80, after touching a high of 8,526.50 and a low of 8,462.70 earlier. The broader All Ordinaries Index is down 40.10 points or 0.46 percent to 8,701.30. Australian stocks closed slightly lower on Thursday.

Among major miners, BHP Group is edging down 0.5 percent and Mineral Resources is declining more than 2 percent, while Fortescue Metals and Rio Tinto are losing more than 1 percent each. Oil stocks are mostly higher. Santos, Beach energy and Woodside Energy are edging up 0.1 to 0.2 percent each, while Origin Energy is losing more than 1 percent.

Among tech stocks, Afterpay-owner Block and Xero are edging down 0.2 percent each, while WiseTech Global is edging up 0.3 percent, Appen is advancing almost 4 percent and Zip is gaining more than 1 percent.

Among the big four banks, Commonwealth Bank, National Australia Bank and Westpac are edging down 0.1 to 0.4 percent each, while ANZ Banking is losing almost 1 percent.

Gold miners are mixed. Gold Road Resources and Newmont are edging up 0.1 to 0.2 percent each, while Evolution Mining, Resolute Mining and Northern Star Resources are edging down 0.3 to 0.5 percent each.

In other news, shares in Bowen Coking Coalare plummeting more than 44 percent after saying it could temporarily pause operations at part, or all, of its flagship Burton Mine Complex near Moranbah amid depressed coal markets and the "unsustainable" Queensland coal royalty regime.

In the currency market, the Aussie dollar is trading at $0.649 on Friday.