Australian Market Declines

(RTTNews) - The Australian stock market is declining on Monday despite the positive cues from Wall Street on Friday, where stocks closed at record highs. The fall in crude oil prices dragged down energy stocks. The major banks are also weak, while mining stocks are mostly higher.

The benchmark S&P/ASX 200 Index is losing 12.10 points or 0.19 percent to 6,373.50, after touching a low of 6,368.00 earlier. The broader All Ordinaries Index is down 13.00 points or 0.20 percent to 6,460.20.

Oil stocks are weak after crude oil prices fell almost 3 percent on Friday. Santos is lower by almost 2 percent, while Oil Search and Woodside Petroleum are declining more than 1 percent each.

Among the big four banks, ANZ Banking, Commonwealth Bank and National Australia Bank are down in a range of 0.4 percent to 0.7 percent, while Westpac is edging up 0.1 percent.

Meanwhile, the major miners are mostly higher. Fortescue Metals is advancing almost 1 percent and BHP Group is adding 0.3 percent, while Rio Tinto is down 0.3 percent.

Gold miners Newcrest Mining and Evolution Mining are rising more than 1 percent each after gold prices advanced on Friday.

Seek said it will invest A$142 million in internet learning platforms Coursera and FutureLearn, but expects to recognize A$2 million in losses in fiscal 2019 as a result of these transactions. Shares of the website operator are up 0.1 percent.

Shares of Coles Group are edging up 0.1 percent after the supermarket giant reported a 2.1 percent increase in food and liquor sales for the third quarter compared to the year-ago period.

In the currency market, the Australian dollar is higher against the U.S dollar on Monday. The local currency was quoted at $0.7045, up from $0.7025 on Friday.

On Wall Street, stocks closed higher on Friday after a report from the Commerce Department showed an unexpected acceleration in U.S. GDP growth in the first quarter, although economists expressed some concerns about the underlying data. Traders were also reacting to the latest batch of mixed earnings news from big-name companies.

The Dow rose 81.25 points or 0.3 percent to 26,543.33, the Nasdaq climbed 27.72 points or 0.3 percent to 8,146.40 and the S&P 500 advanced 13.71 points or 0.5 percent to 2,939.88.

The major European markets ended mixed on Friday. While the U.K.'s FTSE 100 Index edged down by 0.1 percent, the French CAC 40 Index and the German DAX Index rose by 0.2 percent and 0.3 percent, respectively.

Crude oil prices declined for the third straight day on Friday on concerns for outlook of the global economy. WTI crude fell $1.85 or 2.84 percent to $63.26 a barrel on the New York Mercantile Exchange.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.