Australian Market Slightly Lower

(RTTNews) - Extending the losses in the previous five sessions, the Australian stock market is slightly lower on Tuesday after opening well in the green, despite the broadly positive cues from global markets overnight. The benchmark S&P/ASX 200 is staying below the 7,800 level, with weakness in financial stocks partially offset by gains in mining and energy stocks amid firmer commodity prices.

The benchmark S&P/ASX 200 Index is losing 10.90 points or 0.14 percent to 7,777.40, after touching a high of 7,801.40 earlier. The broader All Ordinaries Index is down 12.70 points or 0.16 percent to 8,045.90. Australian stocks closed significantly higher on Monday.

Among the major miners, Rio Tinto, Mineral Resources and BHP Group are edging up 0.2 to 0.5 percent each, while Fortescue Metals is flat.

Oil stocks are mostly higher. Beach energy is gaining more than 1 percent, while Woodside Energy and Santos are edging up 0.2 to 0.3 percent each. Origin Energy is edging down 0.1 percent.

Among tech stocks, Afterpay owner Block, WiseTech Global and Xero are edging down 0.2 to 0.3 percent each, while Zip is adding more than 1 percent and Appen is gaining almost 1 percent. Gold miners are mostly higher. Gold Road Resources and Newmont are gaining almost 1 percent each, while Northern Star resources is adding more than 1 percent, Evolution Mining is advancing more than 2 percent and Resolute Mining is rising more than 3 percent.

Among the big four banks, Commonwealth Bank is edging down 0.2 percent and Westpac is losing almost 1 percent, while ANZ Banking and National Australia Bank are flat.

In other news, shares in Playside Studios are soaring more than 15 percent after the online gaming business lifted its guidance for EBITDA (operating income) for financial 2024.

Shares in Peter Warren Automotive are plunging 12 percent after the car dealership group issued a profit warning, saying margins are being squeezed by more competition in the sector as sales slow amid a household cost-of-living squeeze.

In the currency market, the Aussie dollar is trading at $0.666 on Tuesday.

On Wall Street, the markets were closed for Memorial Day on Monday after closing higher on Friday.

The major European markets moved to the upside on the day. Germany's DAX and France's CAC 40 gained 0.44% and 0.46%, respectively. The U.K. market was closed due to Bank Holiday.