Australian Market Slightly Trims Early Losses In Mid-market
(RTTNews) - The Australian stock market is slightly trimming its early losses in mid-market moves on Wednesday, extending the losses in the previous two sessions, with the benchmark S&P/ASX 200 falling well below the 9,000 level, following the broadly negative cues from Wall Street overnight, with weakness in financial, mining and technology stocks partially offset by gains in energy stocks.
The benchmark S&P/ASX 200 Index is losing 100.00 points or 1.10 percent to 8,966.70, after hitting a low of 8,935.10 earlier. The broader All Ordinaries Index is down 110.10 points or 1.19 percent to 9,150.80. Australian stocks ended slightly lower on Tuesday.
Among major miners, BHP Group and Mineral Resources are losing almost 3 percent each, while Fortescue is declining more than 2 percent and Rio Tinto is down more than 1 percent.
Oil stocks are mostly higher. Origin Energy is edging up 0.4 percent, Woodside Energy is advancing more than 2 percent, Beach energy is gaining almost 1 percent and Santos is adding more than 1 percent.
In the tech space, Afterpay owner Block is tumbling more than 5 percent, Xero is losing more than 1 percent and Appen is declining more than 3 percent, while WiseTech Global and Zip are sliding almost 5 percent each.
Among the big four banks, Commonwealth Bank, ANZ Banking and National Australia bank are losing almost 1 percent each, while Westpac is edging down 0.2 percent.
Among gold miners, Evolution Mining is slipping more than 4 percent and Newmont is declining more than 3 percent, while Genesis Minerals, Resolute Mining and Northern Star Resources are tumbling almost 5 percent each.
In the currency market, the Aussie dollar is trading at $0.714 on Wednesday.
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