Australian Market Trims Early Losses In Mid-market

(RTTNews) - The Australian stock market is trimming its early losses in mid-market moves on Wednesday in choppy trading, after alternating across the unchanged line, snapping a three-session winning streak, with the benchmark S&P/ASX 200 falling well below 8,750 level, despite the broadly positive cues from Wall Street overnight, with weakness in iron ore miners and financial stocks partially offset by gains in gold miners and technology stocks.

The benchmark S&P/ASX 200 Index is losing 4.00 points or 0.05 percent to 8,731.70, after touching a high of 8,753.90 and a low of 8,703.30 earlier. The broader All Ordinaries Index is down 4.50 points or 0.05 percent to 8,999.00. Australian stocks ended notably higher on Tuesday.

Among major miners, BHP Group and Rio Tinto are declining more than 1 percent each, while Fortescue is slipping more than 2 percent. Mineral Resources is flat.

Oil stocks are mostly higher. Woodside Energy and Origin Energy are edging up 0.4 percent each, while Beach energy and Santos are flat.

In the tech space, Afterpay owner Block and Xero are edging up 0.3 to 0.4 percent each, while Zip is gaining almost 1 percent. WiseTech Global is edging down 0.2 percent and Appen is flat.

Among the big four banks, National Australia bank is edging down 0.3 percent, while Westpac and Commonwealth Bank are down almost 1 percent each. ANZ Banking is edging up 0.4 percent.

Among gold miners, Evolution Mining is gaining almost 2 percent, Genesis Minerals is up more than 1 percent, Newmont is adding almost 1 percent, Northern Star Resources is advancing more than 3 percent and Resolute Mining is edging up 0.2 percent.

In other news, shares in SKS Technologies are tumbling almost 10 percent following a major on-market share sale by the company's executive leadership and founding family.

In economic news, private sector house approvals in Australia rose 3.7 percent on month to 10,885 units in August 2026, in line with flash data. The latest result was the strongest monthly rise since July 2025, reversing from a 1.9 percent decline in the previous month. On an annual basis, private house approvals jumped 18.4 percent, picking up from an 8.2 percent increase in July.

Australia's seasonally adjusted dwelling approvals fell 6.1 percent on month to a seven-month low of 16,953 units in August 2026, matching the flash estimate and deepening from a 1.9 percent decline in the previous month. It was the fifth time of contraction so far this year. On a yearly basis, building approvals rose 10.3 percent, easing slightly from a 10.9 percent gain in July.

The Ai Group Industry Index for Australia's construction sector fell sharply to -34.5 in September 2026 from a downwardly revised 4.7 in the previous month, indicating a significant deterioration in construction activity.

Australia's Ai Group Industry Index for manufacturing remained in contraction in September, albeit at a softer pace, rising to -8.7 from August's revised -14.9, marking the highest level since May 2023.

In the currency market, the Aussie dollar is trading at $0.697 on Wednesday.