Australian Market Extends Gains In Mid-market

(RTTNews) - The Australian stock market is extending its gains in mid-market trading on Monday, after snapping the five-session losing streak, with the benchmark S&P/ASX 200 index still staying well above the 8,300.00 level, with gains in financial and technology stocks partially offset by weakness in mining and energy stocks amid weaker commodity prices.

The benchmark S&P/ASX 200 Index is gaining 73.80 points or 0.90 percent to 8,323.30, after touching a high of 8,327.30 earlier. The broader All Ordinaries Index is up 74.30 points or 0.88 percent to 8,568.30. Australian stocks closed notably lower on Monday.

Among the major miners, Fortescue Metals and Rio Tinto are edging down 0.1 to 0.2 percent each, while Mineral Resources is losing almost 1 percent. BHP Group is edging up 0.2 percent

Oil stocks are mostly lower. Origin Energy is edging down 0.2 percent, while Woodside Energy and Santos are losing almost 1 percent each, while is declining 1.5 percent, while Beach energy is gaining more than 1 percent.

Among tech stocks, Afterpay owner Block is gaining almost 1 percent and Appen is edging up 0.5 percent, while WiseTech Global, Xero and Zip are adding more than 1 percent each.

Gold miners are mixed. Gold Road Resources is gaining almost 2 percent, while Evolution Mining is edging up 0.5 percent and Resolute Mining is adding almost 1 percent, while Northern Star resources and Newmont are edging down 0.5 percent each.

Among the big four banks, Commonwealth Bank and ANZ Banking are gaining more than 1 percent each, while Westpac is adding almost 1 percent and National Australia Bank is advancing almost 2 percent.

In other news, shares in Karoon Energy are tumbling more than 7 percent after the oil and gas producer downgraded its production guidance.

Shares in IT services and solutions provider Data#3 are plunging almost 10 percent after the announcement of changes to its partnership with Microsoft in Australia, including a reduction in the incentives earned.

Shares in Novonix Ltd. are surging almost 7 percent after the synthetic graphite maker received a conditional US$755 million loan from the US Department of Energy.

In the currency market, the Aussie dollar is trading at $0.637 on Monday.