Australian Market Trims Early Gains In Mid-market

(RTTNews) - The Australian stock market is trimming its early gains in mid-market trading on Wednesday, but extends the gains in the previous session, with the benchmark S&P/ASX 200 staying well above the 7,900 level, following the mixed cues from Wall Street overnight, with gains in financial and some technology stocks partially offset by weakness in mining and energy stocks. The benchmark S&P/ASX 200 Index is gaining 17.40 points or 0.22 percent to 7,942.60, after touching a high of 7,978.40 earlier. The broader All Ordinaries Index is up 15.20 points or 0.19 percent to 8,142.10. Australian stocks ended significantly higher on Tuesday.

Among major miners, BHP Group and Rio Tinto are declining almost 2 percent each, while Mineral Resources is losing 1.5 percent and Fortescue Metals is down more than 1 percent.

Oil stocks are mostly lower. Woodside Energy is losing more than 1 percent, Santos is edging down 0.2 percent and Beach energy is declining more than 1 percent, while Origin Energy is edging up 0.4 percent.

In the tech space, Afterpay owner Block is gaining almost 2 percent and WiseTech Global is adding more than 1 percent, while Appen is declining almost 2 percent, Xero is edging down 0.4 percent and Zip is sliding more than 8 percent.

Among the big four banks, Commonwealth Bank and ANZ Banking are edging up 0.5 percent each, while National Australia Bank and Westpac are gaining almost 1 percent each.

Among gold miners, Evolution Mining is edging down 0.4 percent, Newmont is losing more than 1 percent, Resolute Mining is declining almost 2 percent and Northern Star Resources is down almost 1 percent, while Gold Road Resources is gaining more than 1 percent.

In the currency market, the Aussie dollar is trading at $0.630 on Wednesday.