The benchmark S&P/ASX 200 Index is losing 27.70 points or 0.38 percent to 7,216.20, and the broader All Ordinaries Index is down 32.80 points or 0.44 percent to 7,502.30
The Australian stock market is trading modestly lower on Tuesday, giving up the gains in the previous session, with the benchmark S&P/ASX 200 staying above the 7,200 mark, following the negative cues from Wall Street overnight, with weakness in materials, energy and financial stocks. The rising geopolitical tension between Russia and Ukraine is weighing on market sentiment.
The benchmark S&P/ASX 200 Index is losing 27.70 points or 0.38 percent to 7,216.20, after hitting a low of 7,198.00 earlier. The broader All Ordinaries Index is down 32.80 points or 0.44 percent to 7,502.30. Australian stocks closed modestly higher on Monday.
Among the major miners, Rio Tinto is losing almost 2 percent, Fortescue Metals is slipping 2.5 percent and Mineral Resources is declining more than 4 percent, while OZ Minerals is edging up 0.2 percent and BHP Group is gaining more than 1 percent after reporting strong first half results on strong commodity prices and announcing an interim dividend.
Oil stocks are lower. Origin Energy is losing almost 1 percent, Woodside Petroleum is declining almost 2 percent, Santos is slipping 2.5 percent and Beach energy is plunging almost 8 percent.
Among the big four banks, Westpac is losing almost 2 percent, ANZ Banking is down almost 1 percent and Commonwealth Bank are edging down 0.3 percent. National Australia Bank is flat.
Among tech stocks, Zip and Xero are edging down 0.4 percent each, while Block is gaining more than 4 percent. Appen and WiseTech Global are flat.
Gold miners are mixed. Resolute Mining is losing almost 3 percent and Evolution Mining is edging down 0.5 percent, while Northern Star Resources is edging up 0.3 percent. Gold Road Resources and Newcrest Mining are flat.