Australian Market Trims Early Gains In Mid-market

(RTTNews) - The Australian stock market is trimming its early gains in mid-market trading on Tuesday, after snapping the three-session losing streak, with the benchmark S&P/ASX 200 index moving above the 8,200.00 level, with gains in mining and energy stocks partially offset by weakness in financial and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 18.70 points or 0.23 percent to 8,210.60, after touching a high of 8,253.80 earlier. The broader All Ordinaries Index is up 21.20 points or 0.25 percent to 8,453.10. Australian stocks closed sharply lower on Monday.

Among the major miners, BHP Group is gaining almost 1 percent, Rio Tinto is edging up 0.4 percent, Fortescue Metals is adding almost 2 percent and Mineral Resources is advancing more than 2 percent.

Oil stocks are mostly higher. Origin Energy, Woodside Energy and Santos are gaining almost 1 percent each, while Beach energy is edging up 0.3 percent.

Among tech stocks, Afterpay owner Block is edging down 0.5 percent and Appen is declining 2.5 percent, while Zip and WiseTech Global are losing almost 1 percent each. Xero is edging up 0.1 percent.

Gold miners are mostly higher. Resolute Mining, Newmont and Evolution Mining is edging up 0.4 to 0.5 percent each, while Northern Star resources is gaining almost 1 percent. Gold Road Resources is flat.

Among the big four banks, Westpac and National Australia Bank are edging down 0.4 to 0.5 percent each. Commonwealth Bank is losing almost 1 percent. ANZ Banking is flat.

In other news, shares in City Chic Collective are soaring more than 11 percent after reporting strong holiday trading, despite the company recording a 3.6 percent decline in revenue in the second half of 2024.

In the currency market, the Aussie dollar is trading at $0.618 on Tuesday.