Australian Market Trims Early Losses In Mid-market

(RTTNews) - The Australian stock market is trimming its early losses in mid-market moves on Wednesday, extending the losses in the previous six sessions, with the benchmark S&P/ASX 200 falling below the 8,700 level, following the broadly negative cues from Wall Street overnight, with weakness in mining and financial stocks partially offset by gains in energy stocks.

The benchmark S&P/ASX 200 Index is losing 21.40 points or 0.25 percent to 8,689.30, after hitting a low of 8,659.10 earlier. The broader All Ordinaries Index is down 18.40 points or 0.21 percent to 8,916.60. Australian stocks ended notably lower on Tuesday.

Among major miners, BHP Group is losing almost 2 percent, Fortescue is edging up 0.2 percent, Mineral Resources is slipping more than 1 percent and Rio Tinto is down almost 1 percent.

Oil stocks are mostly higher. Origin Energy is advancing almost 3 percent, Santos is adding almost 1 percent and Woodside Energy is gaining almost 2 percent, while Beach energy is losing more than 1 percent.

In the tech space, Afterpay owner Block is declining almost 2 percent, while WiseTech Global and Zip are losing almost 1 percent each. Xero is edging up 0.3 percent and Appen is flat.

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

Among gold miners, Evolution Mining and Resolute Mining are losing almost 1 percent each, while Newmont is declining almost 3 percent. Northern Star Resources is edging up 0.3 percent and Genesis Minerals is adding more than 1 percent.

In other news, shares in Codan are jumping almost 18 percent after it lifted its full-year earnings outlook.

Shares in OOh!media are skyrocketing almost 36 percent after it received an unsolicited, non-binding, indicative proposal from Pacific Equity Partners to acquire it for $1.40 per share in a deal valuing the outdoor advertising group at about $754 million..

Shares in G8 Education are tumbling almost 31 percent after it suspended operations at about 40 underperforming childcare centres amid weaker occupancy, cost pressures and rising sector competition. In the currency market, the Aussie dollar is trading at $0.717 on Wednesday.