Australian Market Trims Early Losses In Mid-market

(RTTNews) - The Australian stock market is trimming its early losses in mid-market moves on Wednesday, but extending the losses in the previous three sessions, with the benchmark S&P/ASX 200 falling below the 8,650 level, following the mixed cues from Wall Street overnight, with weakness in technology and financial stocks partially offset by gains in mining and energy stocks.

The losses were also partially offset by the 2026/27 federal budget, which offers modest cost-of-living relief and sweeping tax reforms aimed at long-term fiscal repair.

The benchmark S&P/ASX 200 Index is losing 30.90 points or 0.36 percent to 8,639.80, after hitting a low of 8,590.70 earlier. The broader All Ordinaries Index is down 23.20 points or 0.26 percent to 8,886.40. Australian stocks ended modestly lower on Tuesday.

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

Oil stocks are mostly higher. Beach energy and Santos are gaining almost 1 percent each, while Origin Energy and Woodside Energy are edging up 0.3 to 0.5 percent each.

In the tech space, Afterpay owner Block is losing more than 1 percent, Zip is tumbling almost 7 percent and WiseTech Global is declining more than 3 percent, while Xero is edging up 0.1 percent. Appen are flat.

Among the big four banks, National Australia bank is slipping more than 2 percent, ANZ Banking is losing almost 2 percent and Westpac is declining almost 3 percent. Commonwealth Bank is tumbling more than 8 percent after higher bad debt provisions weighed on earnings. Among gold miners, Evolution Mining is gaining more than 2 percent, Resolute Mining is up almost 1 percent, Northern Star Resources is advancing almost 2 percent, Newmont is edging up 0.4 percent and Genesis Minerals is adding almost 3 percent.

In other news, shares in Healius are plummeting almost 20 percent after lowering its full-year earnings guidance and launching a strategic review of Agilex Biolabs. Shares in Perenti are jumping almost 8 percent after the company announced that its underground mining subsidiary Barminco had won an $850 million contract with Bellevue Gold. The contract would run for four years with the option to extend for another year. In economic news, Australia's seasonally adjusted Wage Price Index increased 3.3 percent on year in the first quarter, easing from a 3.4 percent rise in the previous quarter and in line with market expectations. On a quarterly basis, wages grew 0.8 percent, unchanged from the prior period and in line with market expectations.

Meanwhile, the value of new owner-occupier loan commitments for dwellings in Australia declined by 4.3 percent on quarter to A$61.4 billion in the first quarter, reversing a downwardly revised 9.4 percent growth in the previous quarter. On an annual basis, owner-occupier lending jumped 14.3 percent.

In the currency market, the Aussie dollar is trading at $0.724 on Wednesday.