Australian market modestly lower | Nasdaq

(RTTNews) – The Australian stock market is slightly lower on Monday, extending losses from the previous session, with the benchmark S&P/ASX 200 index remaining above the 7,100 level, following broadly negative signals from Wall Street on Friday. , with weakness in all industrial sectors, particularly technology and mining stocks, amid inflation fears and US Federal Reserve policy tightening.

Meanwhile, traders remain concerned about domestic Covid-19 cases, although daily new cases are steadily declining. New South Wales reported 15,091 new cases and 24 deaths on Sunday and Victoria also reported 11,695 new cases and 17 deaths. Queensland recorded 10,212 new cases and 13 deaths, ACT reported 756 new cases and Tasmania reported 619 new cases.

The benchmark S&P/ASX 200 lost 26.00 points or 0.36% to 7,149.80, after hitting a low of 7,385.80 earlier. The broader All Ordinaries index is down 36.60 points or 0.49% at 7,453.50. Australian shares closed sharply lower on Friday.

Among the major miners, Rio Tinto and BHP Group lost more than 1% each, while mineral resources fell more than 4%, Fortescue Metals fell more than 2% and OZ Minerals fell nearly 4%. Oil inventories are lower, with Woodside Petroleum, Origin Energy and Santos each losing more than 1%, while Beach Energy is down more than 2%.

Among technology stocks, Appen lost almost 2%, Zip fell more than 2% and Xero fell more than 1%, while WiseTech Global gained almost 1%. Gold miners are less numerous. Evolution Mining lost more than 2%, Gold Road Resources fell nearly 4%, Northern Star Resources fell more than 3%, Newcrest Mining fell nearly 2% and Resolute Mining plunged nearly 6%.

Shares of Regis Resources tumble more than 12% after the gold miner cut its full-year outlook.

Among the big four banks, Commonwealth Bank rose 0.1%, while National Australia Bank fell 0.5%, Westpac was down nearly 1% and ANZ Banking lost more than 1%.

In economic news, Australia’s manufacturing sector continued to expand in January, albeit at a slower pace, the latest Markit Economics survey showed on Monday with a manufacturing PMI score of 55.3. That’s down from 57.7 in December, though it remains above the 50 boom or bust line that separates expansion from contraction. The survey also showed that the services PMI fell to 45.0 from 55.1 in December, while the composite PMI fell to 45.3 from 54.9.

In the currency market, the Australian dollar is trading at $0.718 on Monday.

On Wall Street, stocks fell again on Friday, hugging both sides of the unchanged line in the morning before plummeting in the afternoon to end in the red for the fourth straight session.

For the day, the Dow fell 450.02 points or 1.30% to end at 34,265.37, while the NASDAQ plunged 385.10 points or 2.72% to close at 13,768.92 and the S&P 500 fell 84.79 points or 1.89% to end at 4,397.94.

The main European markets also closed sharply lower on the day. Britain’s FTSE 100 ended down 1.2%, Germany’s DAX fell 1.94% and France’s CAC 40 fell 1.75%.

Crude oil prices closed lower on Friday for the second straight session, although they rallied from session lows. Crude’s correction continued after hitting a seven-year high earlier in the week on demand optimism and near-term supply disruptions. West Texas Intermediate crude futures fell 0.86% to $84.81 a barrel after falling 3.2% earlier.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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