Australian Market Modestly Higher

(RTTNews) - Australian shares are trading modestly higher on Wednesday, extending the gains in the previous two sessions, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 moving well above the 8,750 level, with gains in mining stocks partially offset by weakness in energy and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 30.20 points or 0.34 percent to 8,788.00, after touching a high of 8,791.70 earlier. The broader All Ordinaries Index is up 27.90 points or 0.31 percent to 8,978.90. Australian stocks ended modestly higher on Tuesday.

Among major miners, BHP Group is gaining almost 2 percent and Rio Tinto is adding almost 1 percent, while Fortescue and Mineral Resources are up more than 1 percent each.

Oil stocks are mostly lower. Origin Energy, Beach energy, Woodside Energy and Santos are all losing almost 2 percent each.

In the tech space, Afterpay owner Block is edging down 0.4 percent, Xero is declining almost 2 percent and WiseTech Global is down almost 1 percent, while Zip is gaining more than 1 percent. Appen is flat.

Among the big four banks, Commonwealth Bank, ANZ Banking and Westpac are edging down 0.2 to 0.5 percent each, while National Australia bank is edging up 0.2 percent.

Among gold miners, Evolution Mining is gaining more than 3 percent. Newmont and Northern Star Resources are advancing more than 4 percent each, while Resolute Mining and Genesis Minerals are adding almost 4 percent each.

In other news, shares in IDP Education are tumbling almost 7 percent after the company formally rejected an unsolicited A$2.50-per-share takeover bid from Blackstone, claiming the proposal to be "highly opportunistic" and failing to reflect fundamental value.

Shares in Myer are soaring more than 11 percent after the departmental store owner reported full-year 2026 results and announced that billionaire retail investor Solomon Lew is joining the board.

In the currency market, the Aussie dollar is trading at $0.712 on Wednesday.

On Wall Street, stocks moved in a narrow trading range on Tuesday as investors digested comments from U.S. President Donald Trump. The major averages opened mixed on Tuesday and then faded after Trump's speech but ticked higher to finish on oppositive sides of the line and largely unchanged.

The Dow sank 185.14 points or 0.36 percent to finish at 51,863.69, while the NASDAQ gained 122.18 points or 0.45 percent to close at a fresh record high of 27,244.28 and the S&P 500 eased 0.06 points or 0.00 percent to end at 7,764.64. The major European markets have also turned in a mixed performance on the day. While the German DAX Index rose 3.84 points or 0.02 percent to 25,578.85 and the French CAC 40 Index added 15.97 points or 0.20 percent to 8,154.91, the U.K.'s FTSE 100 Index slipped 30.68 points or 0.29 percent to 10,708.33.

Crude oil prices fell on Tuesday, losing for a fifth straight session amid hopes that diplomatic efforts may end the conflict between U.S. and Iran. West Texas Intermediate crude for November delivery was down $5.20 or 5 percent to $90.50 per barrel.