Australian Market Turns Green In Mid-market Trades

(RTTNews) - The Australian stock market is moving in to the green in mid-market trading on Monday after opening deep in the red, snapping a five-session losing streak, following the broadly negative cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving a tad above the 8,300.00 level, with strong gains in financial stocks nearly offset by weakness across most other sectors led by gold miners and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 5.90 points or 0.07 percent to 8,302.10, after hitting a low of 8,216.30 earlier. The broader All Ordinaries Index is down 16.30 points or 0.19 percent to 8,554.60. Australian stocks closed modestly lower on Friday.

Among the major miners, BHP Group is losing more than 1 percent, Rio Tinto is slipping more than 2 percent, Fortescue Metals is edging down 0.2 percent and Mineral Resources is declining almost 3 percent. Oil stocks are mostly lower. Santos is declining more than 2 percent, Beach energy is down almost 1 percent and Woodside Energy is edging down 0.3 percent, while Origin Energy is gaining more than 1 percent.

Among tech stocks, Zip is losing almost 3 percent, Xero is declining more than 1 percent, Appen is edging down 0.3 percent, while Afterpay owner Block is plummeting almost 13 percent after reporting downbeat results.

WiseTech Global is tumbling more than 22 percent after the chairman and three independent directors resigned due to intractable differences about the ongoing role of the logistic software company's founder, Richard White.

Gold miners are mostly lower. Evolution Mining, Gold Road Resources and Northern Star Resources are losing almost 2 percent each, while Newmont is declining almost 3 percent and Resolute Mining is sliding almost 5 percent.

Among the big four banks, Commonwealth Bank, ANZ Banking and National Australia Bank are gaining almost 2 percent each, while Westpac is adding more than 1 percent.

In other news, shares in NIB Holdings are jumping almost 15 percent after first-half results showed growth in its core Australian health insurance business.

Shares in Iress are tumbling more than 16 percent despite the software provider swinging to an profit in fiscal 2024.

Shares in APA Group are surging more than 7 percent after the energy infrastructure company reaffirmed for distributions and earnings in 2025.

Shares in Nuix are plunging more than 9 percent after the company reported downbeat first-half results.

Shares in Reece are plunging more than 11 percent after reporting a decline in revenue and net profit in the first half of the financial year, reflecting challenging trading conditions.

In the currency market, the Aussie dollar is trading at $0.639 on Monday.