Australian Market Maintains Strong Early Gains In Mid-market

(RTTNews) - The Australian stock market is maintaining its strong early gains in mid-market moves on Wednesday, recouping the slight losses in the previous session, with the benchmark S&P/ASX 200 moving well below the 7,900 level, following the broadly positive cues from Wall Street overnight, with gains across most sectors led by financial and technology stocks. Gold miners were the only weak spot.

The benchmark S&P/ASX 200 Index is gaining 123.60 points or 1.58 percent to 7,940.30, after touching a high of 7,961.80 earlier. The broader All Ordinaries Index is up 127.80 points or 1.60 percent to 8,141.50. Australian stocks ended slightly lower on Tuesday.

Among major miners, BHP Group and Fortescue Metals are gaining more than 3 percent each, while Rio Tinto is adding more than 2 percent and Mineral Resources is advancing almost 6 percent.

Oil stocks are mostly higher. Woodside Energy is advancing more than 4 percent, Santos is adding more than 5 percent, Beach energy is rising 3.5 percent and Origin Energy is gaining almost 2 percent.

In the tech space, Afterpay owner Block is surging almost 7 percent, Xero is gaining almost 2 percent, Zip is advancing almost 3 percent, Appen is rising almost 6 percent and WiseTech Global is adding more than 4 percent.

Among the big four banks, ANZ Banking is up almost 2 percent, Westpac is gaining almost 3 percent and National Australia Bank is adding more than 3 percent, while Commonwealth Bank is losing almost 1 percent.

Among gold miners, Newmont and Gold Road Resources are sliding more than 5 percent each, while Northern Star Resources and Evolution Mining are slipping more than 8 percent each. Resolute Mining is declining almost 8 percent.

In other news, shares in Paladin Energy are skyrocketing more than 27 percent after reporting record quarterly output of triuranium octoxide at its Langer Heinrich mine even as a major rainfall in Namibia affected operations.

Shares in Telix Pharmaceuticals are soaring more than 11 percent after reporting a 62 percent jump in revenues that was driven by strong sales of its imaging agent for men with prostate cancer.

Shares in Cettire are sinking almost 19 percent after it reported weak demand from US customers owing to the impact of US President Donald Trump's tariffs and earnings fell.

Shares in Capricorn Metals are tumbling almost 10 percent after it stood down its chief executive, who has been charged with aggravated assault.

In economic news, the manufacturing sector in Australia continued to expand in April, albeit at a slower rate, the latest survey from S&P Global revealed on Wednesday with a manufacturing PMI score of 51.7. That's down from 52.1 in March, although it remains above the boom-or-bust line of 50 that separates expansion from contraction. The services and composite PMIs both slipped to 51.4 in April from 51.6 in the previous month

In the currency market, the Aussie dollar is trading at $0.640 on Wednesday.