Australian Market Trims Early Losses In Mid-market

(RTTNews) - The Australian market is trimming its early losses in mid-market moves on Thursday, but reversing the gains in the previous session, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling well below the 8,650 level, with weakness across most sectors led by mining and technology stocks. Energy stocks were the only bright spot.

The benchmark S&P/ASX 200 Index is losing 35.50 points or 0.41 percent to 8,617.80, after hitting a low of 8,555.30 earlier. The broader All Ordinaries Index is down 43.40 points or 0.49 percent to 8,813.60. Australian stocks ended notably lower on Wednesday.

Among major miners, BHP Group and Rio Tinto are declining more than 1 percent each, while Fortescue is slipping more than 2 percent and Mineral Resources is losing almost 4 percent.

Oil stocks are mostly higher. Beach energy, Santos and Woodside Energy are advancing almost 3 percent each, while Origin Energy is gaining almost 2 percent.

In the tech space, Afterpay owner Block is slipping 2.5 percent and Xero is down more than 2 percent, while Zip and WiseTech Global are losing almost 2 percent each. Appen is flat

Among the big four banks, Westpac, ANZ Banking, National Australia Bank and Commonwealth Bank are all losing almost 1 percent each.

Among gold miners, Evolution Mining is losing almost 4 percent, Northern Star Resources is declining more than 4 percent, Newmont is tumbling almost 5 percent, Genesis Minerals is slipping almost 6 percent and Resolute Mining is sliding more than 5 percent.

In the currency market, the Aussie dollar is trading at $0.700 on Thursday.