Australian Market Modestly Lower

(RTTNews) - Giving up some of the gains in the previous two sessions, the Australian stock market is trading modestly lower on Tuesday, following the mixed cues from other global markets overnight. The benchmark S&P/ASX 200 is falling below the 8,100 level, with weakness in iron ore miners partially offset by slight gains in gold miners and energy stocks.

The benchmark S&P/ASX 200 Index is losing 20.40 points or 0.25 percent to 8,089.50, after hitting a low of 8,073.70 earlier. The broader All Ordinaries Index is down 18.70 points or 0.22 percent to 8,312.10. Australian stocks closed modestly higher on Monday.

Among the major miners, BHP Group and Rio Tinto are losing almost 1 percent each, while Fortescue Metals is edging down 0.3 percent and Mineral Resources is declining more than 2 percent.

Oil stocks are mostly higher. Woodside Energy, Santos and Origin Energy are edging up 0.2 to 0.4 percent each, while Beach energy is flat.

Among tech stocks, Appen is gaining 1.5 percent, Zip is edging up 0.2 percent and WiseTech Global is adding more than 1 percent, while Afterpay owner Block and Xero are edging down 0.1 to 0.4 percent each.

Gold miners are mostly higher. Gold Road Resources is gaining more than 1 percent and Newmont is edging up 0.1 percent, while Northern Star resources and Evolution Mining are adding almost 1 percent each. Resolute Mining is flat.

Among the big four banks, ANZ Banking and National Australia Bank are edging down 0.2 to 0.3 percent each, while Commonwealth Bank and Westpac are flat.

In the currency market, the Aussie dollar is trading at $0.678 on Tuesday.

On Wall Street, the markets were closed Labor Day on Monday after closing strongly higher on Friday.

The major European markets finished the day mixed, with the U.K.'s FTSE 100 ended down 0.15 percent, while Germany's DAX and France's CAC 40 gained 0.13 percent and 0.2 percent, respectively.