Australian Market Trims Early Losses In Mid-market

(RTTNews) - The Australian stock market is trimming its early losses in mid-market trading on Wednesday, snapping a three-session winning streak, with the benchmark S&P/ASX 200 staying well below the 7,900 level, following the broadly negative cues from Wall Street overnight, with a mixed performance across most sectors.

The benchmark S&P/ASX 200 Index is losing 14.70 points or 0.19 percent to 7,845.70, after hitting a low of 7,808.80 earlier. The broader All Ordinaries Index is down 14.80 points or 0.18 percent to 8,075.10. Australian stocks ended slightly higher on Tuesday.

Among major miners, BHP Group and Fortescue Metals are edging up 0.3 to 0.5 percent each, while Rio Tinto is edging down 0.3 percent and Mineral Resources is losing almost 6 percent after it ceased haulage on its crucial Onslow iron haul road following a sixth jumbo road train crash.

Oil stocks are mostly higher. Beach energy is gaining almost 2 percent, Woodside Energy is edging up 0.2 percent and Santos is adding almost 1 percent, while Origin Energy is losing 1.5 percent.

In the tech space, Afterpay owner Block is gaining almost 3 percent and WiseTech Global is edging up 0.1 percent, while Xero is edging down 0.1 percent, Appen is losing almost 1 percent and Zip is declining almost 2 percent.

Among the big four banks, ANZ Banking and Commonwealth Bank are edging down 0.2 to 0.5 percent each, while Westpac and National Australia Bank are edging up 0.1 percent each.

Among gold miners, Resolute Mining is losing more than 2 percent, Gold Road Resources is declining more than 3 percent and Evolution Mining is edging down 0.1 percent, while Newmont is edging up 0.4 percent. Northern Star Resources is flat.

In the currency market, the Aussie dollar is trading at $0.636 on Wednesday.