Australian Market Notably Lower

(RTTNews) - The Australian stock market is trading notably lower on Tuesday, extending the slight losses in the previous session, with the benchmark S&P/ASX 200 just above the 7,400 level, following the mixed cues from Wall Street overnight, as traders remain concerned over the rapid rise in domestic Covid-19 cases, with the tally of infections surpassing 1 million on Monday, and its impact on the economy. Materials and energy stocks are down on weak commodity prices. New South Wales reported 25,870 new cases and 11 deaths on Monday and Victoria also reported 37,994 new cases and 13 deaths. Tasmania reported 1,379 new cases. The benchmark S&P/ASX 200 Index is losing 45.00 points or 0.60 percent to 7,402.10, after hitting a low of 7,392.80 earlier.