(RTTNews) - The Australian stock market is modestly lower on Monday, extending the slight losses in the previous session, despite the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling below the 9,250.00 level, with weakness in energy and financial partially offset by gains in mining stocks.
The benchmark S&P/ASX 200 Index is losing 22.60 points or 0.24 percent to 9,241.00, after hitting a low of 9,235.30 earlier. The broader All Ordinaries Index is down 12.30 points or 0.13 percent to 9,432.80. Australian stocks closed slightly lower on Friday.
Among the major miners, Fortescue is edging up 0.3 percent, Mineral Resources is advancing almost 2 percent, Rio Tinto is adding almost 1 percent and BHP Group is gaining more than 1 percent.
Oil stocks are mostly lower. Beach energy and Origin Energy are losing more than 1 percent each, while Woodside Energy and Santos are edging down 0.2 percent each.
Among tech stocks, Afterpay owner Block is losing almost 2 percent and Appen is losing almost 1 percent. WiseTech Global and Xero are advancing almost 2 percent each, while Zip is edging up 0.4 percent.
Gold miners are mostly higher. Resolute Mining is surging more than 1 percent, Newmont is advancing more than 4 percent, Genesis Minerals is up more than 1 percent, Northern Star Resources is adding almost 2 percent and Evolution Mining is gaining more than 1 percent.
Among the big four banks, Commonwealth Bank is down more than 1 percent and Westpac is declining almost 5 percent, while National Australia Bank and ANZ Banking are losing almost 2 percent each. In other news, shares in FleetPartners are jumping almost 11 percent after the vehicle leasing company rejected a $3.60 per share takeover bid at from SG Fleet, and reported that it had received a $3.80 offer over the weekend from Element Fleet Management.
In the currency market, the Aussie dollar is trading at $0.706 on Monday.
On Wall Street, stocks have moved mostly higher during trading on Friday, largely offsetting the pullback seen over the two previous sessions. The major averages have all moved back to the upside, with the tech-heavy Nasdaq posting a standout gain.
Currently, the major averages are off their highs of the session but still in positive territory. The Nasdaq is up 290.73 points or 1.1 percent at 26,639.08, the S&P 500 is up 43.52 points or 0.6 percent at 7,753.48 and the Dow is up 139.50 points or 0.3 percent at 54,024.60.
The major European markets have also all moved to the upside on the day. While the German DAX Index is up by 1 percent, the U.K.'s FTSE 100 Index is up by 0.5 percent and the French CAC 40 Index is up by 0.4 percent.
Crude oil prices advanced on Friday amid lingering uncertainty in the Middle East following attacks by the Iran-aligned Houthis on a military camp in Yemen and in Saudi Arabia. West Texas Intermediate crude for September delivery was up $0.81 or 1.1 percent at $78.10 a barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
