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The Australian stock market is swinging to slight gains in mid-market moves on Wednesday after being in the red most of the morning session, recouping the slight losses in the previous session, with the benchmark S&P\/ASX 200 staying above the 8,500 level, despite the broadly negative cues from Wall Street overnight, with weakness in iron ore miners and a mixed performance in all other sectors.<\/p>\n
The benchmark S&P\/ASX 200 Index is gaining 5.20 points or 0.06 percent to 8,546.50, after hitting a low of 8,520.00 and a high of 8,553.00 earlier. The broader All Ordinaries Index is up 1.70 points or 0.02 percent to 8,772.80. Australian stocks ended slightly lower on Tuesday.<\/p>\n
Among major miners, BHP Group is losing more than 1 percent, Fortescue metals is declining more than 4 percent, Rio Tinto is edging down almost 0.4 percent and Mineral Resources is tumbling 5.5 percent.<\/p>\n
Oil stocks are mixed. Santos is edging up 0.5 percent and Beach energy is adding almost 4 percent, while Woodside Energy is edging down 0.2 percent and Origin Energy is losing more than 2 percent.<\/p>\n
In the tech space, Afterpay owner Block is losing more than 2 percent, Zip is down more than 1 percent and Appen is declining more than 5 percent, while Xero is up almost 1 percent and WiseTech Global is gaining more than 2 percent.<\/p>\n
Among the big four banks, Commonwealth Bank is edging up 0.5 percent, while Westpac is edging down 0.2 percent and ANZ Banking is losing more than 1 percent. National Australia bank is flat.<\/p>\n
Among gold miners, Evolution Mining is losing more than 2 percent, Northern Star Resources is down almost 3 percent and Gold Road Resources is down almost 1 percent, while Resolute Mining is advancing more than 2 percent and Newmont is gaining almost 1 percent.<\/p>\n
In the currency market, the Aussie dollar is trading at $0.649 on Wednesday. <\/p>\n<\/p>\n
Market Analysis<\/p>\n<\/div>\n