Australian Market Trims Early Losses In Mid-market
(RTTNews) - The Australian stock market is trimming its early losses in mid-market moves on Wednesday, reversing the gains in the previous session, with the benchmark S&P/ASX 200 falling well below the 8,600 level, following the mixed cues from Wall Street overnight, with weakness across all sectors led by in mining and technology stocks.
The benchmark S&P/ASX 200 Index is losing 69.20 points or 0.80 percent to 8,561.10, after hitting a low of 8,544.70 earlier. The broader All Ordinaries Index is down 62.50 points or 0.70 percent to 8,812.80. Australian stocks ended notably higher on Tuesday.
Among major miners, BHP Group is losing more than 1 percent, while Fortescue metals and Rio Tinto are edging down 0.2 percent each. Mineral Resources is gaining almost 1 percent
Oil stocks are mostly lower. Origin Energy is losing almost 1 percent Woodside Energy, Beach energy and Santos are edging down 0.1 to 0.4 percent each.
In the tech space, Afterpay owner Block is losing almost 2 percent and Zip is down almost 1 percent, while Appen is gaining more than 2 percent and WiseTech Global is edging up 0.1 percent. Xero is flat.
Among the big four banks, Commonwealth Bank, Westpac and ANZ Banking are losing almost 1 percent each, while National Australia bank is declining almost 2 percent.
Among gold miners, Northern Star Resources is declining almost 2 percent and Newmont is slipping more than 5 percent, while Evolution Mining and Gold Road Resources are losing more than 1 percent each. Resolute Mining is flat.
In the currency market, the Aussie dollar is trading at $0.652 on Wednesday.
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