(RTTNews) – The Australian market pared early losses and is trading significantly lower on Thursday on mid-market strikes. The benchmark S&P/ASX 200 is down overall at 8,300, with weakness at some level across most sectors, led by technology and cash stocks. Gold miners remain a full color space.
The benchmark S&P/ASX 200 lost 41.30 aspects, or 0.50 percent, to 8,307.80, after earlier hitting a low of 8,291.90. The broader All Ordinaries index fell 42.30 points, or 0.49 percent, to 8,557.10. Australian shares finished much higher on Wednesday.
Among the dominant miners, Mineral Assets is losing almost 3pc and BHP Community is down more than 1pc, while Rio Tinto and Fortescue Metals are advancing 0.2pc to 0.3pc each.
The proportions of oil are much lower. Woodside Energy, Beach vitality and Santos each lose more than 1pc while Beginning Energy increases by 0.2pc
On the tech side, owner Afterpay Block loses more than 1pc, WiseTech World falls by almost 1pc, Appen falls by almost 8pc and Zip by almost 3pc, while Xero advances by 0.1pc
Among the Astronomical Four, Commonwealth Bank and ANZ Banking are each losing almost 1 per cent, while Westpac and National Australia Bank are down 0.4 to 0.5 per cent each. Among gold miners, Evolution Mining and Gold Avenue Assets gained nearly 2pc each, while Newmont included nearly 3pc and Northern Superstar Assets advanced more than 3pc, while Resolute Mining shed nearly 2pc.
In other news, shares of Superstar Leisure fell nearly 25 percent after the company warned it only had $79 million in cash left, slightly less than it spent in the previous three months. Shares in Avita Clinical fell nearly 13 percent after the company admitted it would miss profit forecasts.
In financial news, the Australian Bureau of Statistics said on Thursday that the value of retail sales in Australia rose by a seasonally adjusted 0.8 per cent month-on-month to A$37.052 billion in November. This was upset by expectations for a 1.0pc increase, but was still up from 0.6pc in October.
In the interim period, Australia posted a seasonally adjusted trade surplus of A$7.079 billion in November, the Australian Bureau of Statistics said on Thursday. This beat expectations for a surplus of A$5.750 billion after an upwardly revised surplus of A$5.670 billion in October (before all parts A$5.593 billion).
Exports rose 4.8 percent on the month to A$43.816 billion, up from a downwardly revised 3.5 percent in the previous month (3.6 percent before all parts). Imports rose 1.7 percent on the month to A$36.737 billion after a downwardly revised 0.1 percent decline the month before (+0.1 percent before all cuts).
In the foreign exchange market, the Australian dollar is trading at $0.621 on Thursday.
The views and opinions expressed herein are those of the author and cease to be substantially the views and opinions of Nasdaq, Inc.
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