Australian Market Swings To Gains In Mid-market

(RTTNews) - The Australian stock market is swinging to slight gains in mid-market moves on Wednesday after being in the red most of the morning session, recouping the slight losses in the previous session, with the benchmark S&P/ASX 200 staying above the 8,500 level, despite the broadly negative cues from Wall Street overnight, with weakness in iron ore miners and a mixed performance in all other sectors.

The benchmark S&P/ASX 200 Index is gaining 5.20 points or 0.06 percent to 8,546.50, after hitting a low of 8,520.00 and a high of 8,553.00 earlier. The broader All Ordinaries Index is up 1.70 points or 0.02 percent to 8,772.80. Australian stocks ended slightly lower on Tuesday.

Among major miners, BHP Group is losing more than 1 percent, Fortescue metals is declining more than 4 percent, Rio Tinto is edging down almost 0.4 percent and Mineral Resources is tumbling 5.5 percent.

Oil stocks are mixed. Santos is edging up 0.5 percent and Beach energy is adding almost 4 percent, while Woodside Energy is edging down 0.2 percent and Origin Energy is losing more than 2 percent.

In the tech space, Afterpay owner Block is losing more than 2 percent, Zip is down more than 1 percent and Appen is declining more than 5 percent, while Xero is up almost 1 percent and WiseTech Global is gaining more than 2 percent.

Among the big four banks, Commonwealth Bank is edging up 0.5 percent, while Westpac is edging down 0.2 percent and ANZ Banking is losing more than 1 percent. National Australia bank is flat.

Among gold miners, Evolution Mining is losing more than 2 percent, Northern Star Resources is down almost 3 percent and Gold Road Resources is down almost 1 percent, while Resolute Mining is advancing more than 2 percent and Newmont is gaining almost 1 percent.

In the currency market, the Aussie dollar is trading at $0.649 on Wednesday.