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The Australian stock market is halving its early losses in mid-market trading on Monday, snapping an eight-session winning streak, despite the broadly positive cues from Wall Street on Friday. The benchmark S&P\/ASX 200 index is falling to near the 8,300.00 level, with weakness in iron ore miners, energy and financial stocks partially offset by gains in gold miners.<\/p>\n
The benchmark S&P\/ASX 200 Index is losing 16.40 points or 0.20 percent to 8,327.30, after hitting a low of 8,301.60 earlier. The broader All Ordinaries Index is down 21.00 points or 0.25 percent to 8,558.90. Australian stocks closed notably higher on Friday.<\/p>\n
Among the major miners, BHP Group is losing almost 2 percent, Fortescue Metals is slipping more than 2 percent, Mineral Resources is declining almost 5 percent and Rio Tinto is down more than 1 percent.<\/p>\n
Oil stocks are mostly lower. Woodside Energy is slipping almost 1 percent, Santos is losing more than 1 percent and Beach energy is declining almost 2 percent, while Origin Energy is gaining more than 1 percent.<\/p>\n
Among tech stocks, Afterpay owner Block is gaining more than 1 percent, WiseTech Global is up almost 1 percent and Xero is advancing almost 2 percent, while Zip is losing more than 1 percent and Appen is plunging almost 12 percent.<\/p>\n
Gold miners are mostly higher. Evolution Mining is gaining almost 4 percent, Resolute Mining is edging up 0.3 percent, Northern Star Resources is adding more than 2 percent, Newmont is advancing almost 3 percent and Gold Road Resources is up more than 1 percent.<\/p>\n
Among the big four banks, Commonwealth Bank is gaining more than 1 percent, while National Australia Bank, ANZ Banking and Westpac are edging down 0.2 to 0.5 percent each.<\/p>\n
In the currency market, the Aussie dollar is trading at $0.641 on Monday. <\/p>\n<\/p>\n
Market Analysis<\/p>\n<\/div>\n