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(RTTNews) – The Australian stock market is modestly lower on Tuesday, with the benchmark S&P/ASX 200 staying above the 7,000 mark, following the negative cues overnight from Wall Street. Stocks across all sectors are trading weak. Traders are also looking ahead to the R(BA)‘s release of the minutes of its monetary policy meeting later today.
The benchmark S&P/ASX 200 Index is losing 24.60 points or 0.35 percent to 7,041.00, after hitting a low of 7,030.10 earlier. The broader All Ordinaries Index is up 21.20 points or 0.29 percent to 7,306.80. Australian markets ended flat with a positive bias on Monday.
Among the major miners, BHP Group is edging up 0.1 percent, while Fortescue Metals is flat. Rio Tinto and OZ Minerals are edging up 0.4 percent each. Rio Tinto reported a 7 percent growth in Pilbara iron ore shipments to 77.8 million tonnes on 100% basis for the first quarter.
Among oil stocks, Oil Search and Santos are edging up 0.3 percent each, while Woodside Petroleum is edging down 0.3 percent. Origin Energy is edging down 0.1 percent
Among the big four banks, Westpac is flat, while ANZ Banking and National Australia Bank are edging down 0.3 percent each. Commonwealth Bank is losing almost 1 percent.
Among tech stocks, Afterpay and WiseTech Global are edging down 0.4 percent each, while Appen is losing more than 2 percent.
Afterpay said it is considering a US listing and also reported a 104 percent surge in Q3 underlying sales to A$5.2 billion.
Gold miners are mixed, with Newcrest Mining losing almost 1 percent and Northern Star Resources edging down 0.5 percent, while Evolution Mining is edging up 0.4 percent.
Shares in Challenger are slipping 11 percent after the retirement income and investment manager told investors normalised profit for the full-year 2021 is now expected nearer to the bottom of its $390 million to $440 million guidance range.
Biotech firm Exopharm confirmed it would raise $12 million from wholesale investors with shares at 72 cents each. Shares fell more than 9 percent.
In economic news, the Reserve Bank of Australia will on Tuesday release the minutes from its April 6 monetary policy meeting. At the meeting, the bank kept its benchmark lending rate unchanged at the record low of 0.10 percent. The central bank retained the target yield on the 3-year Australian government bond at around 0.1 percent.
In the currency market, the Aussie dollar is trading at $0.778 on Tuesday.
On Wall Street, stocks closed weak on Monday, coming off historic highs hit in the previous session, as investors largely stayed cautious amid a lack of triggers, and looked ahead to more earnings news and economic data. Further, geopolitical concerns about spikes in coronavirus cases in several countries raised uncertainty about the pace of global economic recovery, contributing to the lackluster movements in the market.
The major averages all ended in negative territory. The Dow ended down 123.04 points or 0.36 percent at 34,077.63. The S&P 500 closed lower by 22.21 points or 0.53 percent at 4,163.26 and the tech-laden Nasdaq ended down 137.58 points or 0.98 percent at 13,914.77.
Meanwhile, the major European markets closed on a mixed note on the day with investors largely making cautious moves. The UK.’s FTSE 100 slid 0.28%, Germany’s DAX shed 0.59%, while France’s CAC 40 gained 0.15%.
Crude oil futures ended higher Monday as prices moved higher amid expectations of a drop in global crude supply. West Texas Intermediate Crude oil futures for May ended higher by $0.25 or 0.4 percent at $63.38 a barrel.
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