Australian Market Modestly Lower

(RTTNews) - Australian shares are trading modestly lower on Wednesday, adding to the losses in the previous two sessions, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 falling well below the 8,600 level, with weakness in financial and energy stocks partially offset by gains in gold mining stocks. The benchmark S&P/ASX 200 Index is losing 32.40 points or 0.38 percent to 8,566.50, after hitting a low of 8,558.50 earlier. The broader All Ordinaries Index is down 27.20 points or 0.31 percent to 8,853.40. Australian stocks ended modestly lower on Tuesday.

Among major miners, BHP Group and Fortescue are edging down 0.2 to 0.3 percent each, while Mineral Resources is adding more than 3 percent and Rio Tinto is edging up 0.1 percent.

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

In the tech space, Afterpay owner Block is adding more than 2 percent, Appen is gaining almost 1 percent and Zip is advancing more than 3 percent, while Xero is edging down 0.2 percent and WiseTech Global is losing almost 1 percent.

Among the big four banks, Commonwealth Bank, Westpac and National Australia bank are losing almost 1 percent each, while ANZ Banking is edging down 0.3 percent. Among gold miners, Evolution Mining is gaining almost 2 percent, Resolute Mining is edging up 0.5 percent and Genesis Minerals is advancing more than 1 percent, while Newmont and Northern Star Resources are adding almost 1 percent each.

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 almost 12 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.

On the Wall Street, stocks continued to experience choppy trading on Tuesday following the lackluster performance seen in the previous session. The major averages fluctuated over the course of the trading day before eventually closing on opposite sides of the unchanged line.

While the tech-heavy Nasdaq rose 54.05 points or 0.2 percent to 23,111.46, the S&P 500 slipped 16.25 points or 0.2 percent to 6,800.26 and the Dow slid 302.30 points or 0.6 percent to 48,114.26.

Meanwhile, the major European markets moved to the downside on the day. While the U.K.'s FTSE 100 Index slid 0.7 percent, the German DAX Index fell by 0.6 percent and the French CAC 40 Index dipped by 0.2 percent.

Crude oil prices extended recent losses Tuesday on lingering oversupply concerns, especially if an end to hostilities between Russia and Ukraine could exacerbate the supply glut. West Texas Intermediate crude for January delivery was down $1.57 or 2.8 percent to $55.25 per barrel.