Australian Market Extends Early Losses In Mid-market

(RTTNews) - The Australian stock market is extending its early losses in mid-market trading on Tuesday, snapping a four-session winning streak, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 9,100 level, with weakness in mining and energy stocks partially offset by gains in technology stocks.

The benchmark S&P/ASX 200 Index is losing 106.70 points or 1.16 percent to 9,094.20, after hitting a low of 9,067.60 earlier. The broader All Ordinaries Index is down 119.20 points or 1.26 percent to 9,311.40. Australian stocks closed slightly higher on Monday.

Among the major miners, BHP Group is edging down 0.1 percent and Fortescue is tumbling almost 5 percent, while Mineral Resources and Rio Tinto are losing almost 1 percent each. Oil stocks are mostly lower. Origin Energy is slipping more than 4 percent and Woodside Energy is declining more than 1 percent, while Santos and Beach energy are losing almost 1 percent each.

Among tech stocks, Afterpay owner Block and Appen are advancing almost 2 percent each, while Zip is edging up 0.3 percent and WiseTech Global is adding almost 1 percent. Xero is edging down 0.3 percent.

Gold miners are mostly lower. Evolution Mining is declining almost 4 percent and Genesis Minerals is down more than 1 percent, while Northern Star resources and Newmont are losing more than 3 percent each. Resolute Mining is gaining more than 2 percent.

Among the big four banks, Commonwealth Bank is edging down 0.4 percent and Westpac is losing almost 1 percent, while ANZ Banking and National Australia Bank are edging up 0.2 percent each.

In other news, shares in Magellan Financial Group are skyrocketing almost 20 percent after it completed a $130 mln institutional capital raise for the proposed merger with Barrenjoey Capital Partners.

In the currency market, the Aussie dollar is trading at $0.710 on Tuesday.