(RTTNews) – The Australian stock market is paring its early losses in mid-market trading on Tuesday, reversing some of the losses in the previous two sessions, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 index is moving up to near the 8,800 level, with gains in gold mining and technology stocks nearly offset by iron ore miners and financial stocks.
The benchmark S&P/ASX 200 Index is gaining 3.90 points or 0.04 percent to 8,795.20, after hitting a low of 8,733.00 earlier. The broader All Ordinaries Index is up 3.80 points or 0.04 percent to 8,978.50. Australian stocks closed slightly lower on Monday.
Among the major miners, Fortescue is down almost 1 percent, Mineral Resources is slipping more than 2 percent and Rio Tinto is edging down 0.3 percent, while BHP Group is gaining almost 1 percent.
Oil stocks are mixed. Beach energy is losing almost 2 percent and Santos is down more than 1 percent, while Woodside Energy is gaining more than 1 percent and Origin Energy is up almost 1 percent.
Among tech stocks, Afterpay owner Block is edging down 0.1 percent and Zip is declining more than 3 percent, while Appen is gaining more than 3 percent, WiseTech Global is edging up 0.5 percent and Xero is adding more than 1 percent.
Gold miners are mostly higher. Evolution Mining is advancing more than 4 percent, Genesis Minerals is surging almost 4 percent, Resolute Mining is edging up 0.2 percent, Northern Star Resources is gaining more than 1 percent and Newmont is up almost 1 percent.
Among the big four banks, Commonwealth Bank is flat, while ANZ Banking, National Australia Bank and Westpac are losing almost 1 percent each.
In the currency market, the Aussie dollar is trading at $0.701 on Tuesday.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
