Australian Market Slightly Lower

The Australian stock market is slightly lower on Monday, recouping some of the gains in the previous two sessions, with the benchmark S&P/ASX 200 staying below the 7,200 level, despite the broadly positive cues from global markets on Friday, led by losses in resources, energy and technology stocks, partially offset by gains in financial stocks.

The benchmark S&P/ASX 200 Index is losing 4.60 points or 0.06 percent to 7,147.20, after touching a high of 7,174.40 and a low of 7,147.40 earlier. The broader All Ordinaries Index is down 11.00 points or 0.15 percent to 7,343.70. Australian stocks closed modestly higher on Friday.

Among the major miners, Rio Tinto is losing more than 2 percent, BHP Group is declining almost 2 percent and Fortescue Metals is declining more than 4 percent, while Mineral Resources is adding almost 5 percent. OZ Minerals is flat.