Australian Market Slightly Higher

(RTTNews) - Australian shares are trading slightly higher on Wednesday, reversing some of the sharp losses in the previous session, with the benchmark S&P/ASX 200 staying well above the 8,450 level, despite the broadly negative cues from Wall Street overnight, with gains in gold miner stocks partially offset by weakness in financial stocks. Most other sectors are performing mixed.

The benchmark S&P/ASX 200 Index is gaining 9.50 points or 0.11 percent to 8,478.60, after touching a high of 8,487.50 earlier. The broader All Ordinaries Index is up 10.30 points or 0.12 percent to 8,748.60. Australian stocks ended sharply lower on Tuesday.

Among major miners, Fortescue edging down 0.2 percent, Rio Tinto is losing almost 1 percent and Mineral Resources is declining almost 2 percent, while BHP Group is gaining almost 1 percent.

Oil stocks are mixed. Santos and Origin Energy are edging down 0.3 percent each, while Woodside Energy and Beach energy are gaining almost 1 percent each.

In the tech space, Afterpay owner Block is declining almost 2 percent and Zip is losing more than 2 perrcent, while WiseTech Global and Xero are gaining almost 1 percent each. Appen is edging up 0.3 percent.

Among the big four banks, Commonwealth Bank and ANZ Banking are losing more than 1 percent each, while Westpac and National Australia bank are edging down 0.2 to 0.3 percent each.

Among gold miners, Evolution Mining is advancing almost 4 percent, Newmont is gaining almost 2 percent and Genesis Minerals is up more than 2 percent, while Resolute Mining and Northern Star Resources are adding more than 3 percent each.

In other news, shares in DroneShield are tumbling almost 12 percent as US chief executive Matt McCrann resigned, effective immediately, after serving in the position since 2022. Shares in Webjet are soaring more than 17 percent after Helloworld lobbed a 90 cent a share bid after quietly amassing a sizable stake in the online travel agency over the past half year. Shares in Nufarm are surging almost 7 percent as group executive portfolio solutions Rico Christensen was announced as Greg Hunt's replacement as chief executive from January 1 after the agriculture supplies business reported financial results for the full year.

In economic news, the wage price index in Australia was up a seasonally adjusted 0.8 percent on quarter in the third quarter of 2025, the Australian Bureau of Statistics said on Wednesday - in line with expectations and unchanged from the previous quarter. On a yearly basis, the index climbed 3.4 percent - again unchanged and matching forecasts.

Private sector wages were up 0.7 percent on quarter and 3.2 percent on year, while public sector wages rose 0.9 percent on quarter and 3.8 percent on year.

In the currency market, the Aussie dollar is trading at $0.650 on Wednesday.

On the Wall Street, stock regained some ground after an early sell-off but still ended Tuesday's trading significantly lower. The major averages added to the notable losses posted during Monday's session, once again falling to their lowest closing levels in a month.

The major averages all finished the day firmly in negative territory. The Dow slumped 498.50 points or 1.1 percent to 46,091.74, the Nasdaq tumbled 275.23 points or 1.2 percent to 22,432.85 and the S&P 500 slid 55.09 points or 0.8 percent to 6,617.32.

The major European markets also showed significant moves to the downside on the day. While the French CAC 40 Index plunged by 1.9 percent, the German DAX Index tumbled by 1.8 percent and the U.K.'s FTSE 100 Index slumped by 1.3 percent.

Crude oil prices soared on Tuesday as the end of the U.S. government shutdown has accelerated expectations of brisk demand. West Texas Intermediate crude for December delivery was up $0.90 or 1.49 percent at $60.80 per barrel.