Australian Market Slips To Losses In Mid-market

(RTTNews) - The Australian stock market is slipping in to the red in mid-market trading on Tuesday after early gains, reversing some of the gains in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying well below the 8,850 level, with weakness in financial and technology stocks partially offset by gains in mining and energy stocks.

The benchmark S&P/ASX 200 Index is losing 11.20 points or 0.13 percent to 8,824.70, after touching a high of 8,875.60 and a low of 8,824.20 earlier. The broader All Ordinaries Index is down 5.30 points or 0.06 percent to 9,104.10. Australian stocks closed significantly higher on Monday.

Among the major miners, BHP Group, Rio Tinto and Fortescue are edging up 0.1 to 0.5 percent each, while Mineral Resources is advancing more than 4 percent. Oil stocks are mostly higher. Santos is adding almost 2 percent and Origin Energy is up more than 1 percent, while Woodside Energy and Beach energy are gaining almost 1 percent each.

Among tech stocks, Afterpay owner Block is edging up 0.4 percent. Appen and Xero are losing more than 1 percent each, while WiseTech Global is edging down 0.5 percent. Zip is flat.

Gold miners are mostly higher. Northern Star resources, Resolute Mining and Newmont are advancing almost 4 percent each, while Genesis Minerals is surging more than 4 percent and Evolution Mining is gaining more than 2 percent.

Among the big four banks, Commonwealth Bank is declining more than 6 percent and National Australia Bank is losing almost 1 percent, while ANZ Banking is gaining almost 1 percent and Westpac is adding more than 1 percent.

In the currency market, the Aussie dollar is trading at $0.653 on Tuesday.