Australian Market Modestly Higher

(RTTNews) - Australian shares are trading modestly higher on Wednesday after opening in the red, adding to the gains in the previous three sessions, with the benchmark S&P/ASX 200 moving above the 8,850 mark, following the broadly positive cues from Wall Street overnight, with a mixed performance across most sectors.

The benchmark S&P/ASX 200 Index is gaining 14.80 points or 0.17 percent to 8,863.60, after hitting a low of 8,809.00 earlier. The broader All Ordinaries Index is up 16.60 points or 0.18 percent to 9,152.50. Australian stocks ended modestly lower on Tuesday.

Among major miners, BHP Group is losing almost 2 percent and Mineral Resources is tumbling more than 5 percent, while Rio Tinto is edging up 0.2 percent. Fortescue is gaining almost 2 percent.

Oil stocks are mixed. Woodside Energy and Beach energy are losing almost 1 percent each, while Origin Energy and Santos are edging up 0.3 to 0.4 percent each.

In the tech space, Afterpay owner Block is tumbling almost 6 percent and Appen is losing more than 1 percent, while Xero and Zip are edging down 0.3 to 0.5 percent each. WiseTech Global is flat.

Among the big four banks, ANZ Banking, Westpac and National Australia bank are edging down 0.1 to 0.3 percent each, while Commonwealth Bank is edging up 0.3 percent. Among gold miners, Evolution Mining is gaining more than 1 percent and Northern Star Resources is adding almost 1 percent, while Resolute Mining is declining almost 1 percent and Newmont is edging down 0.2 percent. Gold Road Resources is flat.

In other news, shares in Bravura Solutions are rocketing almost 19 percent after upgrading its earnings guidance for the full-year 2026.

In economic news, the manufacturing sector in Australia continued to expand in September, albeit at a slower pace, the latest survey from S&P Global revealed on Wednesday with a manufacturing PMI score of 51.4. That's down from 51.6 in August, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

In the currency market, the Aussie dollar is trading at $0.660 on Wednesday.

On the Wall Street, stocks fluctuated over the course of the trading day on Tuesday after moving mostly higher over the two previous sessions. The major averages bounced back and forth across the unchanged line for much of the session before a late-day advance.

The upward move seen going into the end of the day helped the major averages close in positive territory. The S&P 500 climbed 27.25 points or 0.4 percent to 6,688.46, the Nasdaq rose 68.86 points or 0.3 percent to 22,660.01 and the Dow increased 81.82 points or 0.2 percent at 46,397.89.

The major European markets also moved to the upside on the day. While the French CAC 40 Index inched up by 0.2 percent, the U.K.'s FTSE 100 Index and the German DAX Index climbed by 0.5 percent and 0.6 percent, respectively.

Crude oil prices declined sharply on Tuesday, extending recent losses as excess supply concerns continue to linger due to the anticipated production increase by OPEC. West Texas Intermediate crude for November delivery was down $1.08 or 1.70 percent at $62.37 per barrel.