(RTTNews) – The Australian stock market is slightly lower on Monday, reversing some of the gains in the previous session, despite he broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling below the 8,800.00 level, with weakness in gold miners and technology stocks partially offset by gains in iron ore miners and energy stocks.
The benchmark S&P/ASX 200 Index is losing 7.50 points or 0.09 percent to 8,798.50, after hitting a low of 8,796.80 earlier. The broader All Ordinaries Index is down 7.50 points or 0.08 percent to 8,996.20. Australian stocks closed notably higher on Friday.
Among the major miners, Fortescue is gaining more than 1 percent, while BHP Group and Rio Tinto are edging up 0.1 to 0.4 percent each. Mineral Resources is down more than 1 percent.
Oil stocks are mostly higher. Beach energy is gaining more than 1 percent, while Woodside Energy and Santos are edging up 0.1 to 0.5 percent each. Origin Energy is losing almost 2 percent.
Among tech stocks, Afterpay owner Block edging down 0.3 percent, Xero is declining more than 3 percent and Appen is down more than 1 percent, while WiseTech Global and Zip are losing almost 2 percent each.
Gold miners are mostly lower. Resolute Mining is slipping more than 3 percent, Northern Star Resources is declining almost 3 percent, Evolution Mining is losing more than 2 percent and Newmont is edging down 0.3 percent, while Genesis Minerals is gaining more than 2 percent.
Among the big four banks, Commonwealth Bank and ANZ Banking are edging up 0.1 to 0.4 percent each, while Westpac and National Australia Bank are edging down 0.1 to 0.2 percent each.
In other news, shares in Dateline Resources are jumping almost 26 percent after receiving some welcome support from the US Government. The US DoJ filed documents opposing a legal challenge surrounding the Colosseum project, the 100%-owned gold and rare earths project in California.
In the currency market, the Aussie dollar is trading at $0.693 on Monday.
On Wall Street, stocks showed a lack of direction early in the session on Friday but moved mostly higher over the course of the trading day. The major averages all moved to the upside, although buying interest remained relatively subdued.
The major averages pulled back off their best levels going into the end of the day but still posted modest gains. The Dow rose 149.60 points or 0.3 percent to 52,637.01, the Nasdaq increased 74.72 points or 0.3 percent to 26,281.61 and the S&P 500 climbed 31.75 points or 0.4 percent to 7,575.39.
Meanwhile, the major European markets turned in a mixed performance on the day. While the German DAX Index dipped by 0.2 percent, the French CAC 40 Index and the U.K.’s FTSE 100 Index both rose by 0.2 percent.
Crude oil prices slumped on Friday, thanks to efforts by third-party mediators to bring the U.S. and Iran back to the negotiating table. West Texas Intermediate crude for August delivery was down $0.75 or 1.04 percent at $71.33 per barrel.
