The Australian stock market is slightly lower on Tuesday, giving up some of the gains in the previous three sessions, with the benchmark S&P/ASX 200 staying below the 7,300 level, despite the lack of cues from Wall Street overnight due to a holiday, dragged largely by technology and financial stocks. The losses were partially offset by gains in materials and energy stocks.
The benchmark S&P/ASX 200 Index is losing 12.60 points or 0.17 percent to 7,274.00, after hitting a low of 7,257.80 earlier. The broader All Ordinaries Index is down 12.00 points or 0.16 percent to 7,510.60. Australian stocks closed sharply higher on Monday.
Among the major miners, BHP Group is edging up 0.2 percent and Rio Tinto is edging up 0.5 percent, while Mineral Resources and OZ Minerals are gaining almost 1 percent each. Fortescue Metals is up more than 1 percent.
Oil stocks are mixed, with Beach energy gaining almost 3 percent and Santos adding more than 1 percent, while Woodside Energy is losing almost 1 percent. Origin Energy is flat
Among tech stocks, Appen is gaining more than 1 percent and Xero is edging up 0.2 percent, while Afterpay owner Block is slipping more than 3 percent, WiseTech Global is declining almost 1 percent and Zip is sliding more than 4 percent.
Gold miners are mixed. Newcrest Mining is losing almost 1 percent and Gold Road Resources is down 1.5 percent, while Northern Star Resources is edging up 0.2 percent. Resolute Mining and Evolution Mining are flat.
Among the big four banks, Commonwealth Bank and National Australia Bank are edging down 0.3 to 0.5 percent each, while Westpac and ANZ Banking are losing almost 1 percent each.
In the currency market, the Aussie dollar is trading at $0.717 on Tuesday.
On Wall Street, the markets were off on Monday for the Memorial Day holiday and will return to action on Tuesday.
The major European markets all moved to the upside on the day. The U.K.’s FTSE 100 ended 0.19 percent up, Germany’s DAX climbed 0.72 percent and France’s CAC 40 surged up 0.7 percent.
Crude oil futures hit their highest level in more than two months on Monday, as China eased COVID-19 restrictions and moved to stimulate the country’s faltering economy. West Texas Intermediate crude oil futures for July ended at $115.75 a barrel, up $0.68 or 0.59 percent.
Market Analysis
Australian Market Slightly Lower
2022-05-31 01:35:00
