Australian Market Extends Early Losses In Mid-market

(RTTNews) - The Australian stock market is extending its early losses in mid-market moves on Wednesday, adding to the losses in the previous three sessions, with the benchmark S&P/ASX 200 falling well below the 8,900 level, following the broadly negative cues from Wall Street overnight, with weakness in financial and technology stocks partially offset by gains in mining stocks.

The benchmark S&P/ASX 200 Index is losing 113.60 points or 1.28 percent to 8,787.00, after hitting a low of 8,786.60 earlier. The broader All Ordinaries Index is down 108.80 points or 1.19 percent to 9,059.20. Australian stocks ended modestly lower on Tuesday.

Among major miners, BHP Group, Mineral Resources and Rio Tinto are edging down 0.5 percent each, while Fortescue is edging up 0.1 percent.

Oil stocks are lower. Woodside Energy and Beach energy are edging down 0.1 to 0.4 percent each, while Santos is losing almost 1 percent and Origin Energy is declining more than 3 percent.

In the tech space, Afterpay owner Block is declining almost 5 percent, Xero is sliding almost 6 percent, WiseTech Global is losing almost 3 percent, Appen is slipping more than 1 percent and Zip is down almost 2 percent.

Among the big four banks, ANZ Banking and National Australia bank are losing almost 2 percent each, while Westpac and Commonwealth Bank are declining almost 3 percent each.

Among gold miners, Evolution Mining is edging down 0.3 percent, Resolute Mining is losing more than 1 percent and Newmont is slipping almost 1 percent, while Gold Road Resources is gaining almost 1 percent and Northern Star Resources is advancing almost 2 percent..

In economic news, the Australian economy grew 0.6 percent on quarter in the second quarter of 2025, accelerating from an upwardly revised 0.3 percent in the second quarter and topping market consensus of 0.5 percent. This was the 15th straight quarterly rise, driven by domestic final demand. On a yearly basis, the GDP grew 1.8 percent, above forecasts of 1.6 percent and the fastest pace since third quarter of 2023.

In the currency market, the Aussie dollar is trading at $0.652 on Wednesday.