Australian Market Slightly Lower
(RTTNews) - The Australian stock market is trading slightly lower on Tuesday, giving up some of the gains in the previous session, with the benchmark S&P/ASX 200 just below the 7,400 level, following the broadly negative cues from Wall Street overnight, on lower crude oil prices
(RTTNews) - The Australian stock market is trading slightly lower on Tuesday, giving up some of the gains in the previous session, with the benchmark S&P/ASX 200 just below the 7,400 level, following the broadly negative cues from Wall Street overnight, on lower crude oil prices and as traders worry about the coronavirus Omicron variant that is spreading in 40 countries, particularly in the U.K. where it reported the first confirmed death from the swiftly spreading strain.
Concerns are also rising domestically, with New South Wales reporting 804 new cases and one death on Monday, with a total on more than 55 Omicron cases. Victoria also reported 1,189 new cases and six deaths, with about seven suspected Omicron cases.
The benchmark S&P/ASX 200 Index is losing 9.80 points or 0.13 percent to 7,369.50, after hitting a low of 7,341.30 earlier. The broader All Ordinaries Index is down 5.90 points or 0.08 percent to 7,691.60. Australian stocks closed modestly higher on Monday.
Among the major miners, Mineral Resources is adding almost 2 percent and Fortescue Metals is gaining more than 1 percent, while BHP Group and Rio Tinto are edging up 0.4 percent each. OZ Minerals is edging down 0.3 percent.
Oil stocks are lower. Woodside Petroleum and Santos are losing almost 1 percent each, while Beach energy is flat and Origin Energy is edging down 0.2 percent.
Among the big four banks, National Australia Bank is edging down 0.5 percent, Commonwealth Bank is edging down 0.3 percent and ANZ Banking is flat, while Westpac is edging up 0.3 percent.
Among tech stocks, Appen is gaining almost 1 percent, WiseTech Global is adding almost 3 percent and Xero is up almost 2 percent, while Zip is losing almost 1 percent and Afterpay is declining almost 5 percent after its shareholders strongly supported the $39 billion deal to be bought by a U.S. fintech giant Square in the biggest takeover in Australian history.
Gold miners are mostly higher. Resolute Mining, Gold Road Resources and Northern Star Resources are gaining more than 1 percent each, while Newcrest Mining is edging down 0.5 percent and Evolution Mining is edging down 0.3 percent.
