Australian Market Trims Early Gains In Mid-market

(RTTNews) - The Australian stock market is trimming its early gains in mid-market moves on Wednesday, snapping a four-session losing streak, with the benchmark S&P/ASX 200 moving up to near the 8,800 level, despite the broadly negative cues from Wall Street overnight, with weakness in mining and energy stocks partially offset by gains in technology stocks.

The benchmark S&P/ASX 200 Index is gaining 11.00 points or 0.13 percent to 8,798.00, after touching a high of 8,823.20 earlier. The broader All Ordinaries Index is up 11.50 points or 0.13 percent to 8,999.80. Australian stocks ended modestly lower on Tuesday.

Among major miners, BHP Group is losing more than 1 percent, Rio Tinto is declining almost 2 percent, Fortescue is down almost 1 percent and Mineral Resources is slipping more than 2 percent.

Oil stocks are mostly lower. Woodside Energy is declining almost 2 percent, Beach energy is slipping almost 3 percent and Santos is edging down 0.5 percent, while Origin Energy is edging up 0.3 percent.

In the tech space, Afterpay owner Block is gaining more than 2 percent, Zip is adding more than 1 percent and Appen is advancing almost 2 percent, while WiseTech Global surging more than 5 percent and Xero is jumping almost 5 percent.

Among the big four banks, National Australia bank is gaining almost 1 percent and Commonwealth Bank is edging up 0.4 percent, while Westpac and ANZ Banking are edging up 0.1 to 0.5 percent each.

Among gold miners, Evolution Mining is losing almost 2 percent, Northern Star Resources is edging down 0.4 percent and Newmont is down more than 1 percent, while Resolute Mining and Genesis Minerals are declining almost 3 percent each.

In the currency market, the Aussie dollar is trading at $0.692 on Wednesday.