Australian Market Swings To Notable Gains In Mid-market
(RTTNews) - The Australian stock market is swinging to notable gains in mid-market moves on Wednesday, extending the gains in the previous session, with the benchmark S&P/ASX 200 moving above the 8,900 level, despite the broadly negative cues from Wall Street overnight, with gains in financial, mining and energy stocks partially offset by weakness in technology stocks.
The benchmark S&P/ASX 200 Index is gaining 52.30 points or 0.59 percent to 8,909.40, after hitting a low of 8,832.60 earlier. The broader All Ordinaries Index is up 37.20 points or 0.41 percent to 9,186.50. Australian stocks ended significantly higher on Tuesday.
Among major miners, BHP Group and Rio Tinto are gaining almost 4 percent each, while Fortescue is adding more than 1 percent. Mineral Resources is losing almost 1 percent.
Oil stocks are mostly higher. Santos is advancing more than 2 percent, while Woodside Energy and Beach energy are adding almost 3 percent each. Origin Energy is losing more than 2 percent.
In the tech space, Afterpay owner Block is slipping more than 6 percent, Zip is tumbling almost 6 percent each, Xero is plunging more than 13 percent, Appen is losing almost 2 percent and WiseTech Global is sliding more than 7 percent.
Among the big four banks, Westpac and ANZ Banking are edging up 0.4 percent each, while National Australia bank and Commonwealth Bank are gaining more than 1 percent each. Among gold miners, Evolution Mining is gaining almost 3 percent, Northern Star Resources is surging almost 6 percent and Newmont is adding almost 4 percent, while Resolute Mining and Genesis Minerals are advancing more than 2 percent each.
In the currency market, the Aussie dollar is trading at $0.702 on Wednesday.
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