Australian Market Modestly Lower

(RTTNews) - The Australian stock market is modestly lower on Tuesday, extending the losses in the previous session, with the benchmark S&P/ASX 200 falling a tad below the 7,100 level, following the mixed cues from global markets overnight, dragged by weakness in iron ore mining and energy stocks.

The benchmark S&P/ASX 200 Index is losing 16.20 points or 0.23 percent to 7,099.30, after hitting a low of 7,090.00 earlier. The broader All Ordinaries Index is down 12.90 points or 0.18 percent to 7,323.00. Australian stocks closed notably lower on Monday.

Among the major miners, BHP Group is losing almost 1 percent, while Mineral Resources and Fortescue Metals are edging down 0.2 to 0.4 percent each. Rio Tinto is edging up 0.2 percent. Oil stocks are lower. Woodside Energy is losing more than 2 percent and Origin Energy is edging down 0.2 percent, while Beach energy and Santos are down almost 1 percent each. Among tech stocks, Afterpay owner Block is edging down 0.1 percent and Zip is losing more than 1 percent, while Appen and WiseTech Global are adding 1.5 percent each. Xero is gaining more than 3 percent.

Gold miners are mostly higher. Northern Star resources and Evolution Mining are gaining more than 2 percent each, while Resolute Mining is adding more than 3 percent, Gold Road Resources is advancing almost 4 percent and Newcrest Mining is up more than 1 percent.

Among the big four banks, Commonwealth Bank and ANZ Banking are edging down 0.4 to 0.5 percent each, while Westpac and National Australia Bank are edging up 0.2 to 0.4 percent each.

In other news, shares in Kogan.com are plunging more than 10 percent after the online retailer reported a drop in gross sales and revenue for the full-year, but earnings were in line with estimates.

Shares in megaport are jumping more than 17 percent after reporting narrower loss for the full-year amid cost-cutting.

Shares in Altium are skyrocketing almost 21 percent after the software company reported its full-year results.

Shares in Hub24 are surging more than 12 percent after the financial services company reported a surge in full-year net profit and announced a buyback of up to $50 million.

In the currency market, the Aussie dollar is trading at $0.641 on Tuesday.

On the Wall Street, stocks moved mostly higher over the course of the trading session on Monday, regaining ground following recent weakness. Technology stocks helped lead the rebound, resulting in a substantial gain by the Nasdaq.

The Nasdaq surged 206.81 points or 1.6 percent to 13,497.59 and the S&P 500 climbed 30.06 points or 0.7 percent to 4,399.77, while the narrower Dow staged a recovery attempt from early weakness but still closed down 36.97 points or 0.1 percent at 34,463.69.

The major European markets also finished the day mixed. While the U.K.'s FTSE 100 Index edged down 0.1 percent, the German DAX Index crept up 0.2 percent and the French CAC 40 Index climbed 0.5 percent.

Crude oil prices fell on Monday, weighed down by concerns about the outlook for energy demand, although the extension of production cuts by OPEC helped limit the downside. West Texas Intermediate Crude oil futures for September fell $0.53 or 0.7 percent at $80.72 a barrel. WTI Crude futures for October settled at $80.12 a barrel, down $0.54 or 0.7 percent.