Australian Market Reverses Early Losses In Mid-market

(RTTNews) - The Australian stock market is reversing its early losses to trade modestly higher in mid-market moves on Wednesday, extending the gains in the previous two sessions, with the benchmark S&P/ASX 200 staying below the 7,800 level, despite the broadly negative cues from Wall Street overnight, with gains in gold miners, financial and technology stocks partially offset by weakness in iron ore miners and energy stocks. The benchmark S&P/ASX 200 Index is gaining 20.30 points or 0.26 percent to 7,782.00, after hitting a low of 7,747.50 earlier. The broader All Ordinaries Index is up 17.10 points or 0.22 percent to 7,987.00. Australian stocks ended slightly higher on Tuesday.

Among major miners, BHP Group is losing almost 1 percent and Mineral Resources is declining more than 5 percent, while Rio Tinto and Fortescue Metals are down almost 2 percent each.

Oil stocks are mostly lower. Woodside Energy is losing almost 3 percent, Santos is slipping more than 2 percent and Beach energy is declining more than 4 percent, while Origin Energy is gaining almost 1 percent.

In the tech space, Afterpay owner Block is edging up 0.5 percent, Appen is gaining almost 4 percent, WiseTech Global is adding almost 1 percent, Xero is edging up 0.5 percent and Zip is skyrocketing almost 20 percent.

Among the big four banks, Commonwealth Bank and National Australia Bank are gaining almost 1 percent each, while ANZ Banking is adding more than1 percent and Westpac is advancing almost 2 percent.

Among gold miners, Evolution Mining is gaining more than 3 percent, Gold Road Resources is advancing more than 2 percent, Newmont are adding almost 2 percent and Northern Star Resources is up almost 1 percent, while Resolute Mining is losing almost 1 percent.

In the currency market, the Aussie dollar is trading at $0.634 on Wednesday.