Australian Market Drifts Further Lower In Mid-market

(RTTNews) - The Australian stock market is drifting further lower in mid-market trading on Monday, also adding to the losses in the previous two sessions, with the benchmark S&P/ASX 200 index falling well below the 8,200.00 level, with weakness in financial and technology stocks, partially offset by gains in mining and energy stocks amid spiking commodity prices.

The benchmark S&P/ASX 200 Index is losing 117.90 points or 1.42 percent to 8,176.20, after hitting a low of 8,170.00 earlier. The broader All Ordinaries Index is down 126.20 points or 1.48 percent to 8,417.50. Australian stocks closed modestly lower on Friday.

Among the major miners, BHP Group, Fortescue Metals and Rio Tinto are edging up 0.1 to 0.4 percent each, while Mineral Resources is gaining more than 4 percent. Oil stocks are higher. Woodside Energy is gaining more than 2 percent and Origin Energy is edging up 0.3 percent, while Santos and Beach energy are advancing almost 2 percent each.

Among tech stocks, Afterpay owner Block is losing more than 4 percent, WiseTech Global is slipping almost 4 percent and Appen is down 2.5 percent, while Xero and Zip are declining almost 3 percent each.

Gold miners are mostly higher. Evolution Mining is edging up 0.4 percent, Northern Star Resources is gaining more than 1 percent and Gold Road Resources is adding more than 2 percent, while Newmont is edging down 0.4 percent and Resolute Mining is declining almost 5 percent.

Among the big four banks, National Australia Bank and Commonwealth Bank are losing 2.5 percent each, while Westpac is declining almost 3 percent and ANZ Banking is down almost 2 percent.

In other news, shares in NRW Holdings are tumbling almost 9 percent after the company announced the resignation of chief financial officer Richard Simons following a two-year stint.

Shares in Novonix are slipping almost 5 percent after the US Department of Energy did not permit the battery materials producer to receive certain tax credits that would have made it eligible for an additional loan to fund its Tennessee facility.

In the currency market, the Aussie dollar is trading at $0.616 on Monday.