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 extends the losses in the previous two sessions, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 falling below the 8,600 level, with weakness in financial and energy stocks partially offset by gains in mining and technology stocks. The benchmark S&P/ASX 200 Index is losing 15.60 points or 0.18 percent to 8,583.30, after hitting a low of 8,547.10 earlier. The broader All Ordinaries Index is down 8.80 points or 0.10 percent to 8,871.80. Australian stocks ended modestly lower on Tuesday.

Among major miners, Fortescue is gaining almost 1 percent, Mineral Resources is adding more than 3 percent and Rio Tinto is edging up 0.4 percent. BHP Group is flat.

Oil stocks are mostly lower. Santos is down almost 1 percent and Woodside Energy is declining more than 2 percent, while Origin Energy and Beach energy is losing more than 1 percent each.

In the tech space, Afterpay owner Block is adding more than 2 percent, Xero is gaining almost 1 percent and Zip is advancing more than 3 percent, while WiseTech Global is edging down 0.3 percent. Appen is flat.

Among the big four banks, Commonwealth Bank and National Australia bank are losing almost 1 percent each, while Westpac and ANZ Banking are edging down 0.2 percent each. Among gold miners, Evolution Mining and Northern Star Resources are gaining almost 4 percent each, while Resolute Mining is advancing more than 4 percent, Genesis Minerals is surging more than 5 percent and Newmont adding more than 1 percent.

In other news, shares in GrainCorp are tumbling more than 13 percent after it agreed to sell its interest in GrainsConnect Canada at a loss of between $5 million and $10 million.

Shares in Treasury Wine Estates diving more than 9 percent after the company downgraded its profit outlook, which Citi said was 31 percent below consensus.

Shares in Star Entertainment Group are jumping more than 11 percent the casino and resorts operator revealed leadership changes, with CEO Steve McCann leaving with immediate effect.

Shares in Cedar Woods Properties are soaring almost 10 percent after the property development company announced its second profit outlook upgrade so far this financial year.

In the currency market, the Aussie dollar is trading at $0.663 on Wednesday.