Australian Market Declines

(RTTNews) - The Australian stock market is declining on Monday following the mostly negative cues from Wall Street on Friday and as investors turned cautious amid the rising number of coronavirus cases in the U.S. as well as the Australian state of Victoria.

The benchmark S&P/ASX 200 Index is losing 43.30 points or 0.73 percent to 5,899.30, after falling to a low of 5,881.10 earlier. The broader All Ordinaries Index is lower by 47.70 points or 0.79 percent to 6,013.90. Australian stocks closed flat on Friday.

Among the big four banks, Westpac and National Australia Bank are lower by almost 1 percent each, while Commonwealth Bank is declining 0.2 percent and ANZ Banking is down 0.1 percent.

In the oil sector, Santos and Oil Search are lower by more than 1 percent each, while Woodside Petroleum is losing 1 percent even as crude oil prices rose more than 2 percent on Friday.

Among the major miners, Fortescue Metals is declining 0.5 percent and Rio Tinto is down 0.2 percent, while BHP is adding 0.3 percent.
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