(RTTNews) - The Australian stock market is modestly higher in choppy trading on Wednesday, recouping some of the slight losses in the previous two sessions, with the benchmark S&P/ASX 200 above the 7,400 level, despite the negative cues overnight from Wall Street, with gains in gold miners and financial stocks, partially offset by weakness in materials and information technology stocks.
Meanwhile, the domestic coronavirus situation continues to be a concern, while the country gradually opens up after lifting lockdowns and restrictions in most places. Victoria reported 1,003 new cases of COVID-19 and fourteen deaths on Tuesday, with 15,031 total active cases across Victoria. NSW recorded 216 new local cases and three deaths.
The benchmark S&P/ASX 200 Index is gaining 12.30 points or 0.17 percent to 7,446.50, after touching a high of 7,455.50 and a low of 7,425.10 earlier. The broader All Ordinaries Index is up 4.60 points or 0.06 percent to 7,760.90. Australian stocks ended slightly lower on Tuesday.
Among major miners, BHP Group and Mineral Resources are losing almost 2 percent each, while Rio Tinto and Fortescue Metals are down more than 1 percent each. OZ Minerals is edging down 0.5 percent.
Oil stocks are mostly lower. Woodside Petroleum and Santos are edging down 0.2 percent each, while Oil Search is edging down 0.5 percent and Beach energy is losing more than 1 percent. Origin Energy is edging up 0.4 percent.
In the tech space, WiseTech Global is gaining more than 1 percent, while Afterpay is losing more than 2 percent, Xero is down almost 1 percent and Appen is declining almost 2 percent. Among the big four banks, ANZ Banking is edging up 0.3 percent, Commonwealth Bank is gaining almost 1 percent and Westpac is adding more than 1 percent and National Australia Bank rising almost 3 percent. Among gold miners, Evolution Mining is gaining more than 1 percent, Resolute Mining is surging almost 5 percent, Newcrest Mining is up almost 1 percent and Northern Star Resources is edging up 0.3 percent, while Gold Road Resources is losing almost 1 percent. Shares of Pushpay are plunging almost 18 percent after it downgraded its outlook following disappointing half year results.
Shares in Chalice Mining are surging 8.5 percent, rising for a second day after the miner claimed to have found the largest nickel sulphide discovery in recent times and the largest platinum group elements (PGE) deposit in Australian history.
In economic news, the total number of building permits issued in Australia was down a seasonally adjusted 4.3 percent on month in September, the Australian Bureau of Statistics said on Wednesday, coming in at 18,090. On a yearly basis, overall permits were up 12.8 percent, permits for private sector houses fell 2.7 percent and private sector dwellings excluding houses surged 47.2 percent. The value of total building approved fell 11.2 percent in September to A$11.687 billion. The value of non-residential building fell 11.3 percent.
In the currency market, the Aussie dollar is trading at $0.737 on Wednesday.
On Wall Street, stocks gave back some ground during trading on Tuesday after trending higher over the past several sessions. The major averages pulled back off yesterday's record closing highs, although selling pressure remained relatively subdued.
The major averages climbed well off their worst levels of the day but still closed in negative territory. The Dow fell 112.24 points or 0.3 percent to 36,319.98, the Nasdaq slid 95.81 points or 0.6 percent to 15,886.54 and the S&P 500 dropped 16.45 points or 0.4 percent to 4,685.25.
The major European markets all also moved lower over the course of the session. While the U.K.'s FTSE 100 Index fell by 0.4 percent, the French CAC 40 Index edged down by 0.1 percent and the German DAX Index closed just below the unchanged line.
Crude oil futures settled sharply higher on Tuesday amid rising hopes about the outlook for energy demand after the United States lifted travel restrictions to several countries. West Texas Intermediate Crude oil futures for December ended up by $2.22 or 2.7 percent at $84.15 a barrel.
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