FX.co ★ Australian Market Drifts Further Lower In Mid-market

The Australian stock market has continued its downward trend in mid-market trading on Monday, breaking a three-session losing streak. The benchmark S&P/ASX 200 index has dipped slightly, maintaining a position just above the 8,200 mark due to a slump in financial and technology stocks.

Currently, the S&P/ASX 200 Index is down by 53.30 points, equivalent to a 0.65 percent decline, settling at 8,208.50 after reaching a low of 8,207.50 earlier. The broader All Ordinaries Index has declined by 51.10 points or 0.60 percent, reaching 8,469.00. Among the major miners, Rio Tinto is seeing a nearly 1 percent rise, while Mineral Resources has decreased by 0.4 percent. BHP Group and Fortescue Metals are maintaining their current levels. Oil stocks are generally performing better, with Woodside Energy rising nearly 1 percent, Origin Energy up by 0.3 percent, and both Beach Energy and Santos experiencing gains of over 1 percent each.

In the technology sector, both Afterpay's parent company Block and Zip are down nearly 3 percent, while Xero has slipped by nearly 2 percent. However, WiseTech Global has inched up by 0.3 percent, with Appen making gains of almost 3 percent.

Gold miners are predominantly weak, with Evolution Mining, Gold Road Resources, Northern Star Resources, and Newmont each down by 0.1 to 0.5 percent. On the other hand, Resolute Mining is showing a slight uptick of 0.5 percent.

Focusing on the leading banks, National Australia Bank, ANZ Banking, and Westpac are each experiencing a decline of nearly 1 percent, and the Commonwealth Bank has dropped more than 1 percent.

In the currency exchange market, the Australian dollar is currently trading at $0.623.