Australian Market Trims Early Losses In Mid-market

(RTTNews) - The Australian stock market is trimming its early losses in mid-market trading on Wednesday, reversing the strong gains in the previous session, with the benchmark S&P/ASX 200 falling well below the 7,500 level, following the broadly negative cues from Wall Street overnight, with weakness across most sectors led by mining and technology stocks. The benchmark S&P/ASX 200 Index is losing 103.30 points or 1.38 percent to 7,406.70, after hitting a low of 7,349.00 earlier. The broader All Ordinaries Index is down 108.10 points or 1.40 percent to 7,596.30. Australian stocks ended sharply higher on Tuesday.

Among major miners, BHP Group is slipping almost 3 percent, Rio Tinto is declining almost 4 percent, Mineral Resources is plunging almost 10 percent and Fortescue Metals is tumbling more than 4 percent.

Oil stocks are mostly lower. Woodside Energy is losing 2.5 percent, Santos is declining almost 4 percent and Beach energy is slipping almost 3 percent, while Origin Energy is edging up 0.2 percent.

In the tech space, Afterpay owner Block is declining 3.5 percent, Appen is losing almost 1 percent, WiseTech Global is slipping more than 2 percent, Xero is down almost 2 percent and Zip is tumbling more than 1 percent.

Among the big four banks, Westpac and ANZ Banking are edging up 0.1 to 0.2 percent each, while Commonwealth Bank is adding almost 1 percent and National Australia Bank is gaining 1.5 percent.

Among gold miners, Evolution Mining, Gold Road Resources and Northern Star Resources are losing more than 1 percent each, while Resolute Mining is slipping more than 3 percent and Newmont is edging down 0.1 percent.

In the currency market, the Aussie dollar is trading at $0.599 on Wednesday.