Australian Market Trims Early Gains In Mid-market

(RTTNews) - The Australian stock market is trimming its early gains in mid-market moves on Wednesday, reversing the slight losses in the previous session, with the benchmark S&P/ASX 200 well moving above the 8,550 level, following the mixed cues from Wall Street overnight, with gains in iron ore miners and energy stocks as well as a mixed performance in all other sectors.

The benchmark S&P/ASX 200 Index is gaining 33.20 points or 0.39 percent to 8,574.30, after touching a high of 8,585.60 earlier. The broader All Ordinaries Index is up 33.80 points or 0.39 percent to 8,805.50. Australian stocks ended slightly lower on Tuesday.

Among major miners, BHP Group and Rio Tinto are gaining more than 1 percent each, while Fortescue metals is adding almost 3 percent and Mineral Resources is advancing almost 2 percent.

Oil stocks are mostly higher. Origin Energy is edging up 0.2 percent, while Beach energy is edging down 0.2 percent. Santos and Woodside Energy are flat.

In the tech space, Afterpay owner Block is gaining more than 1 percent and WiseTech Global is edging up 0.3 percent, while Zip is slipping almost 6 percent, Appen is losing almost 3 percent and Xero are losing more than 2 percent.

Among the big four banks, Westpac is losing almost 1 percent and National Australia bank is declining almost 2 percent, while Commonwealth Bank and ANZ Banking are edging down 0.2 to 0.4 percent each.

Among gold miners, Evolution Mining is gaining almost 1 percent and Gold Road Resources is edging up 0.3 percent, while Resolute Mining is losing more than 2 percent and Northern Star Resources is declining almost 1 percent. Newmont is flat.

In other news, shares in Qantas Airways are slipping more than 3 percent after Australia's flag carrier confirmed a significant cyber attack at one of its contact centres impacting more than 6 million customers, believed to be part of a co-ordinated attack on airlines globally.

Shares in Helia are plunging almost 25 percent after revealing long-term customer ING Bank was negotiating deals with alternative providers. Commonwealth Bank, another long-term partner, will pull out of its lenders' mortgage services contract in December.

Shares in Domino's Pizza are tumbling almost 23 percent on news that chief executive Mark van Dyck will step down in December, after just one year in the role.

In the currency market, the Aussie dollar is trading at $0.657 on Wednesday.