Australian stocks closed lower on Monday as losses in the Metals & Mining, Resources, and Energy sectors weighed on market sentiment. The S&P/ASX 200 index declined by 0.06% at the close in Sydney.

The session saw mixed performance among the top stocks on the S&P/ASX 200. Kogan.com Ltd (ASX:KGN) stood out as one of the best performers, rising by 6.12% or 0.33 points to trade at 5.72 at the close. The online retailer’s shares surged as investors responded positively to its recent growth strategies and optimistic outlook. Medibank Private Ltd (ASX:MPL) also performed well, adding 3.58% or 0.12 points to end at 3.47. The private health insurance provider benefited from increased demand for its services and cost containment measures. Similarly, Polynovo Ltd (ASX:PNV) saw a gain of 2.84% or 0.05 points to 1.63 in late trade, driven by positive market sentiment towards its innovative medical technologies.

On the other hand, several stocks in the Metals & Mining sector experienced declines, impacting the overall market performance. Westgold Resources Ltd (ASX:WGX) fell by 6.32% or 0.11 points to trade at 1.63 at the close. The gold mining company faced headwinds due to lower gold prices and concerns over production costs. Resolute Mining Ltd (ASX:RSG) declined by 5.68% or 0.03 points to end at 0.41, reflecting a pullback following recent gains. IGO Ltd (ASX:IGO) was down by 4.47% or 0.72 points to 15.40 as investors reacted to news of lower-than-expected production levels.

The Sydney Stock Exchange witnessed more falling stocks than advancing ones, with 674 declining compared to 575 advancing, while 451 ended unchanged. This indicates a cautious market sentiment, with investors weighing the impact of global economic uncertainties and geopolitical tensions on the Australian market.

Notably, Kogan.com Ltd (ASX:KGN) reached a 52-week high during the session, rising by 6.12% or 0.33 to 5.72. The surge in the stock’s price reflects growing investor confidence in the company’s ability to deliver strong financial performance and capitalize on the increasing demand for online retail services.

The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, increased by 0.23% to 11.83, indicating a slightly higher level of market volatility.

In the commodities market, Gold Futures for August delivery were down by 0.23% or 4.55 to $1,959.85 per troy ounce. The decline in gold prices reflected a strengthening US dollar and improved market risk appetite, diverting investors’ attention away from safe-haven assets. In other commodities trading, Crude oil for delivery in September fell by 1.59% or 1.20 to reach $74.12 per barrel. The decline in oil prices was driven by concerns over global demand amid the resurgence of COVID-19 cases and uncertainties surrounding OPEC+ production decisions. The September Brent oil contract also declined by 1.62% or 1.29 to trade at $78.58 per barrel.

Currency markets showed mixed movements, with the AUD/USD remaining unchanged, up 0.38% at 0.68, while the AUD/JPY fell by 0.73% to 94.17. The Australian dollar’s stability against the US dollar reflected a balanced market sentiment and economic indicators. However, the decline against the Japanese yen was influenced by risk aversion and fluctuations in global financial markets.

The US Dollar Index Futures, which measures the performance of the US dollar against a basket of major currencies, experienced a modest decline of 0.09% at 99.52. The slight weakness in the US dollar reflected uncertainties surrounding the US economic recovery and the Federal Reserve’s monetary policy stance.

In summary, Australian stocks closed lower on Monday as losses in the Metals & Mining, Resources, and Energy sectors weighed on market sentiment. While some stocks, such as Kogan.com, Medibank Private, and Polynovo, performed well, others like Westgold Resources, Resolute Mining, and IGO experienced declines. The Sydney Stock Exchange witnessed more falling stocks than advancing ones, indicating caution among investors. The market’s performance was influenced by various factors, including global economic uncertainties, commodity price movements, and currency dynamics. Traders and investors will closely monitor these developments for insights into the future direction of the Australian stock market