Australian Market Slightly Trims Early Losses In Mid-market

(RTTNews) - The Australian market is slightly trimming its early losses in mid-market moves on Thursday, reversing the gains in the previous two sessions, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 8,350 level, with weakness across most sectors led by and technology and energy stocks. Gold miners are the only bright spot.

The benchmark S&P/ASX 200 Index is losing 43.50 points or 0.52 percent to 8,343.30, after hitting a low of 8,311.40 earlier. The broader All Ordinaries Index is down 44.70 points or 0.52 percent to 8,567.00. Australian stocks ended notably higher on Wednesday.

Among major miners, BHP Group is edging down 0.4 percent and Fortescue Metals is losing almost 2 percent, while Rio Tinto and Mineral Resources are declining almost 1 percent each.

Oil stocks are mostly lower. Santos is down almost 2 percent, Origin Energy is edging down 0.1 percent, Beach energy is declining almost 1 percent and Woodside Energy is losing more than 1 percent.

In the tech space, Afterpay owner Block is losing more than 2 percent, Xero is down almost 1 percent, Zip is sliding more than 6 percent and WiseTech Global is declining more than 1 percent, while Appen is gaining more than 3 percent.

Among the big four banks, Commonwealth Bank and National Australia Bank are losing more than 1 percent each, while Westpac is edging down 0.5 percent. ANZ Banking is edging up 0.2 percent.

Among gold miners, Northern Star Resources is advancing more than 4 percent, Gold Road Resources is gaining almost 2 percent, Newmont is up 2.5 percent and Evolution Mining is adding 1.5 percent, while Resolute Mining is edging down 0.5 percent.

In the currency market, the Aussie dollar is trading at $0.644 on Thursday.