Australian Market Trims Early Gains In Mid-market

(RTTNews) - The Australian stock market is trimming its early gains in mid-market moves on Wednesday, but extending the gains in the previous session, with the benchmark S&P/ASX 200 moving above the 8,600 level to fresh all-time highs, following the broadly positive cues from Wall Street overnight, with gains in iron ore miners, energy and financial stocks partially offset by weakness in gold miners and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 26.20 points or 0.31 percent to 8,613.40, after touching a fresh all-time high of 8,639.10 earlier. The broader All Ordinaries Index is up 26.30 points or 0.30 percent to 8,839.00. Australian stocks ended significantly higher on Tuesday.

Among major miners, BHP Group is gaining almost 2 percent, Rio Tinto is edging up 0.2 percent, Fortescue metals is adding 2.5 percent and Mineral Resources is advancing almost 3 percent.

Oil stocks are mostly higher. Woodside Energy is gaining almost 2 percent, while Santos and Origin Energy are edging up 0.2 to 0.5 percent each. Beach energy is sliding almost 6 percent.

In the tech space, Afterpay owner Block is losing more than 1 percent, Xero is down almost 1 percent and Appen is declining more than 2 percent. WiseTech Global is flat.

Zip is jumping more than 16 percent after the buy now pay later company upgraded its full-year earnings guidance amid continued strong performance, particularly in the US business.

Among the big four banks, Commonwealth Bank and National Australia bank are edging up 0.1 to 0.4 percent each. Westpac and ANZ Banking are flat.

Among gold miners, Evolution Mining is edging down 0.1 percent, Resolute Mining is declining almost 2 percent and Newmont is down almost 1 percent, while Gold Road Resources is gaining almost 1 percent. Northern Star Resources is flat.

In other news, shares in Johns Lyng Group skyrocketing almost 22 percent after the integrated building services group confirmed media reports of a non-binding indicative offer from Pacific Equity Partners.

Shares in Perseus Mining are slipping almost 6 percent after the gold miner released weak five-year operating outlook.

Shares in Pilbara Minerals are surging almost 5 percent after the lithium miner revealed a significant upgrade to the mineral resource at its 100%-owned Pilgangoora Operation in Western Australia.

Shares in Fletcher Building are rising more than 8 percent after the New Zealand-based building materials group revealing that it had received "ongoing inbound inquiries" from parties interested in its businesses, including the construction division.

In the currency market, the Aussie dollar is trading at $0.650 on Wednesday.