Australian Market Trims Early Losses In Mid-market

(RTTNews) - The Australian market is trimming its early losses in mid-market moves on Thursday, but adding to the losses in the previous two sessions, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling to near the 8,900 level, with gains in iron ore miners and financial stocks partially offset by weakness in technology stocks.

The benchmark S&P/ASX 200 Index is losing 23.90 points or 0.27 percent to 8,902.30, after hitting a low of 8,876.00 earlier. The broader All Ordinaries Index is down 24.80 points or 0.27 percent to 9,194.40. Australian stocks ended significantly lower on Wednesday.

Among major miners, BHP Group is gaining more than 1 percent, Fortescue is adding more than 2 percent, Rio Tinto is edging up 0.4 percent and Mineral Resources is jumping almost 12 percent on upbeat results and record iron ore shipments.

Oil stocks are mostly higher. Beach energy is adding almost 1 percent, Santos is edging up 0.2 percent and Woodside Energy is gaining almost 2 percent, while Origin Energy is losing almost 1 percent.

In the tech space, Afterpay owner Block is losing more than 4 percent, Appen is declining more than 6 percent, Xero is down almost 3 percent, WiseTech Global is slipping more than 2 percent and Zip is sliding almost 4 percent.

Among the big four banks, National Australia Bank and Westpac are gaining more than 1 percent each, while ANZ Banking is edging up 0.4 percent and Commonwealth Bank is adding almost 1 percent.

Among gold miners, Evolution Mining and Genesis Minerals are edging down 0.2 to 0.4 percent each, while Resolute Mining is declining almost 4 percent. Northern Star Resources is edging up 0.2 percent and Newmont is adding almost 1 percent.

In the currency market, the Aussie dollar is trading at $0.659 on Thursday.