Australian Market Slightly Lower

The Australian market is slightly lower on Thursday, giving up some of the gains in the previous session, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying below the 7,200 level, with losses in losses in energy stocks amid tumbling crude oil prices, partially offset by strong gains in iron ore miners and technology stocks.

The benchmark S&P/ASX 200 Index is losing 10.20 points or 0.14 percent to 7,168.20, after hitting a low of 7,160.40 earlier. The broader All Ordinaries Index is down 8.00 points or 0.11 percent to 7,378.70. Australian stocks ended sharply higher on Wednesday.

Among major miners, BHP Group and Mineral Resources are edging up 0.2 percent each, while Fortescue Metals is gaining almost 2 percent and Rio Tinto is adding more than 1 percent.

Oil stocks are mixed. Santos, Woodside Energy and Beach energy are losing more than 2 percent each, while Origin Energy is declining 1.5 percent.

In the tech space, WiseTech Global and are gaining more than 1 percent each, while Appen is surging more than 4 percent, Afterpay owner Block is adding almost 4 percent. Xero is edging down 0.2 percent and Zip is skyrocketing 15.5 percent.

Among the big four banks, Commonwealth Bank, ANZ Banking and National Australia Bank are edging down 0.2 to 0.4 percent each, while Westpac is edging up 0.3 percent.

Among gold miners, Resolute Mining is declining more than 3 percent and Northern Star Resources is edging down 0.3 percent. Gold Road Resources and Evolution Mining are edging up 0.1 to 0.3 percent each, while Newmont is gaining almost 1 percent.

In other news, shares in Perpetual are jumping almost 8 percent after the firm officially rejected a $3 billion buyout offer from investment conglomerate Washington H. Soul Pattinson to break up the funds business.

In economic news, the number of building approvals issued in Australia was up a seasonally adjusted 7.5 percent on month in October, the Australian Bureau of Statistics or…