Australian Market Modestly Higher

(RTTNews) - Australian shares are trading modestly higher on Wednesday, snapping a four-session losing streak, with the benchmark S&P/ASX 200 moving above the 8,800 level, following the broadly negative cues from Wall Street overnight, with weakness in mining and energy stocks partially offset by gains in technology stocks.

The benchmark S&P/ASX 200 Index is gaining 19.70 points or 0.22 percent to 8,806.70, after touching a high of 8,813.50 earlier. The broader All Ordinaries Index is up 22.10 points or 0.25 percent to 9,010.40. Australian stocks ended modestly lower on Tuesday.

Among major miners, BHP Group is losing more than 1 percent, Rio Tinto is declining almost 2 percent, Fortescue is down almost 1 percent and Mineral Resources is slipping more than 2 percent.

Oil stocks are mostly lower. Woodside Energy is declining almost 2 percent, Beach energy is slipping almost 3 percent and Santos is edging down 0.5 percent, while Origin Energy is edging up 0.3 percent.

In the tech space, Afterpay owner Block is gaining more than 2 percent, Zip is adding more than 1 percent and Appen is advancing almost 2 percent, while WiseTech Global surging more than 5 percent and Xero is jumping almost 5 percent.

Among the big four banks, National Australia bank is gaining almost 1 percent and Commonwealth Bank is edging up 0.4 percent, while Westpac and ANZ Banking are edging up 0.1 to 0.5 percent each.

Among gold miners, Evolution Mining is losing almost 2 percent, Northern Star Resources is edging down 0.4 percent and Newmont is down more than 1 percent, while Resolute Mining and Genesis Minerals are declining almost 3 percent each.

In the currency market, the Aussie dollar is trading at $0.692 on Wednesday.

On the Wall Street, stocks showed another significant move to the downside during trading on Tuesday following the weakness seen in the previous session. The tech-heavy Nasdaq led the way lower, while the Dow posted a more modest loss.

The major averages all ended the day in negative territory. The Nasdaq plunged 579.56 points or 2.2 percent to 25,587.04, the S&P 500 tumbled 107.33 points or 1.4 percent to 7,365.46 and the Dow edged down 45.87 points or 0.1 percent to 51,666.84. The major European markets all also moved to the downside on the day. The German DAX Index slumped by 1 percent, the French CAC 40 Index slid by 0.7 percent and the U.K.'s FTSE 100 Index edged down by 0.1 percent.

Crude oil prices have moved lower on Tuesday following active shipping movements across the Strait of Hormuz since its reopening, which eased supply disruption concerns. WTI Crude Oil for August month delivery was last seen trading down by $0.71 or 0.96 percent at $73.15 per barrel.