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The Australian market is maintaining its early losses in mid-market moves on Thursday after slipping deeper briefly, reversing the gains in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P\/ASX 200 is falling below the 8,800 level, with weakness across most sectors led by in mining and energy stocks.<\/p>\n
The benchmark S&P\/ASX 200 Index is losing 37.50 points or 0.42 percent to 8,793.80, after hitting a low of 8,764.00 earlier. The broader All Ordinaries Index is down 35.80 points or 0.40 percent to 8,920.80. Australian stocks ended modestly higher on Wednesday.<\/p>\n
Among major miners, BHP Group is down more than 1 percent, while Fortescue, Mineral Resources and Rio Tinto are declining almost 2 percent each.<\/p>\n
Oil stocks are mostly lower. Woodside Energy is slipping almost 4 percent, Beach energy is losing more than 3 percent, Origin Energy is edging down 0.5 percent and Santos is down more than 1 percent.<\/p>\n
In the tech space, Afterpay owner Block, Xero and Zip are losing almost 1 percent each, while WiseTech Global is gaining almost 2 percent and Appen is edging up 0.2 percent.<\/p>\n
Among the big four banks, ANZ Banking is edging up 0.5 percent, while Commonwealth Bank, Westpac and National Australia Bank are edging down 0.1 to 0.3 percent each.<\/p>\n
Among gold miners, Evolution Mining is edging down 0.2 percent, Genesis Minerals is losing almost 2 percent and Resolute Mining is down almost 1 percent, while Newmont and Northern Star Resources are edging up 0.2 to 0.5 percent each.<\/p>\n
In other news, shares in Nick Scali are plunging more than 17 percent after the retailer warned of a sharp fall in profit for the December half amid challenging retail conditions.<\/p>\n
Shares in NextDC are surging almost 9 percent after plummeting more than 40 percent on Wednesday as it was forced to slash guidance.<\/p>\n
In the currency market, the Aussie dollar is trading at $0.702 on Thursday. <\/p>\n<\/p>\n
Market Analysis<\/p>\n<\/div>\n