Australian Market Trims Early Gains In Mid-market
(RTTNews) - The Australian market is trimming its early gains in mid-market moves on Thursday, but extending the gains in the previous session, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 8,700 level, with gains in iron ore miners and financial stocks partially offset by weakness in gold miners, energy and technology stocks.
The benchmark S&P/ASX 200 Index is gaining 31.40 points or 0.36 percent to 8,727.90, after touching a high of 8,787.10 earlier. The broader All Ordinaries Index is up 31.70 points or 0.36 percent to 8,906.20. Australian stocks ended modestly higher on Wednesday.
Among major miners, BHP Group and Mineral Resources are edging up 0.2 percent each, while Fortescue and Rio Tinto are adding almost 1 percent each.
Oil stocks are mostly lower. Woodside Energy is down more than 1 percent, Beach energy is declining more than 3 percent and Santos is losing more than 2 percent, while Origin Energy is edging up 0.4 percent.
In the tech space, Afterpay owner Block is down almost 1 percent, while WiseTech Global, Zip and Xero are edging down 0.2 to 0.4 percent each. Appen is gaining almost 1 percent.
Among the big four banks, ANZ Banking and National Australia Bank are advancing more than 1 percent each, while Westpac and Commonwealth Bank are gaining almost 1 percent each.
Among gold miners, Evolution Mining and Northern Star Resources are losing more than 1 percent each, while Resolute Mining and Genesis Minerals are down more than 2 percent each. Newmont is declining almost 2 percent.
In the currency market, the Aussie dollar is trading at $0.710 on Thursday.
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