Australian Market Slightly Trims Early Losses In Mid-market

(RTTNews) - The Australian stock market is slightly trimming its early losses in mid-market trading on Wednesday, but extending the losses in the previous two sessions, with the benchmark S&P/ASX 200 falling to near the 8,400 level, despite the broadly positive cues from Wall Street overnight, with weakness in financial, energy stocks and technology stocks partially offset by gains in mining stocks. The benchmark S&P/ASX 200 Index is losing 54.50 points or 0.64 percent to 8,426.50, after hitting a low of 8,389.40 earlier. The broader All Ordinaries Index is down 48.50 points or 0.55 percent to 8,708.20. Australian stocks ended significantly lower on Tuesday.

Among major miners, BHP Group is edging up 0.4 percent, while Rio Tinto and Fortescue Metals are adding more than 1 percent each. Mineral Resources is tumbling almost 15 percent after reporting downbeat half-yearly results.

Oil stocks are mostly lower. Woodside Energy is losing almost 1 percent, Beach Energy is down almost 2 percent and Santos is declining almost 2 percent, while Origin Energy is gaining almost 1 percent.

In the tech space, Appen is losing more than 1 percent, WiseTech Global is down almost 1 percent and Xero is edging down 0.1 percent, while Afterpay owner Block is gaining almost 1 percent and Zip is gaining almost 2 percent.

Among the big four banks, Commonwealth Bank is declining more than 2 percent, Westpac is edging down 0.4 percent, ANZ Banking is losing more than 1 percent and National Australia Bank is slipping almost 7 percent after profitability eroded over the December quarter, due to higher funding costs and continued competition for loans and deposits.

Among gold miners, Newmont and Northern Star Resources are adding more than 1 percent each, while Gold Road Resources and Evolution Mining are advancing almost 2 percent each. Resolute Mining is gaining 3.5 percent.

In other news, shares in Ventia Services are surging more than 6 percent after reporting a 16 percent rise in annual net profit that came in ahead of guidance.

Shares in Corporate Travel are climbing almost 10 percent, despite reporting that first-half profit dropped by a third, due to issues with its European division's travel booking and accommodation business.

In economic news, Australia's wage price index was up 0.7 percent on quarter in the fourth quarter of 2024, the Australian Bureau of Statistics said on Wednesday. That missed expectations for an increase of0.8 percent, which would have been unchanged from the previous quarter. On a yearly basis, wages climbed 3.2 percent - matching forecasts and slowing from the 3.5 percent in the three months prior.

In the currency market, the Aussie dollar is trading at $0.635 on Wednesday.