Australian Market Extends Early Losses In Mid-market

(RTTNews) - The Australian stock market is extending its early losses in mid-market trading on Monday, reversing the gains in the previous session, following the broadly negative cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling well below the 7,900.00 level, with weakness across all sectors led by mining and technology stocks.

The benchmark S&P/ASX 200 Index is losing 126.00 points or 1.58 percent to 7,856.00, after hitting a low of 7,843.00 earlier. The broader All Ordinaries Index is down 129.70 points or 1.58 percent to 8,065.80. Australian stocks closed modestly higher on Friday.

Among the major miners, BHP Group and Rio Tinto are losing more than 3 percent each, while Mineral Resources is declining almost 4 percent and Fortescue Metals is slipping almost 3 percent.

Oil stocks are lower. Woodside Energy is declining almost 2 percent, Beach energy is losing almost 3 percent, Santos is down more than 1 percent and Origin Energy is edging down 0.2 percent.

Among tech stocks, Afterpay owner Block is sliding more than 4 percent, Xero is losing more than 2 percent, Zip is slipping more than 6 percent and Appen is declining almost 3 percent, while WiseTech Global is edging up 0.5 percent.

Gold miners are mostly lower. Evolution Mining and Newmont are losing more than 1 percent each, while Northern Star Resources is down almost 1 percent. Resolute Mining and Gold Road Resources are flat.

Among the big four banks, Commonwealth Bank is edging down 0.4 percent, National Australia Bank is losing almost 1 percent, ANZ Banking is declining more than 2 percent and Westpac is down almost 2 percent.

In the currency market, the Aussie dollar is trading at $0.630 on Monday.