Stock Market in Australia Continues Initial Drops in Central Trading Session
The Australian stock market is extending early losses on Thursday, with the broader All Ordinaries Index down 16.60 points or 0.18 percent, at 9,094.50. The S&P/ASX 200 Index is also feeling the heat, losing 18.20 points or 0.21 percent, currently at 8,825.50.
In the tech space, Afterpay owner Block is edging up 0.5 percent, while Appen is declining more than 2 percent, Xero is edging down 0.2 percent, and Zip is losing almost 3 percent. Among the big four banks, Commonwealth Bank and Westpac are edging down 0.1 to 0.3 percent each, while National Australia Bank is losing almost 1 percent. ANZ Banking is edging up 0.5 percent.
Iron ore miners and energy stocks are showing weakness in the Australian market. Major miners such as Rio Tinto, Fortescue, Mineral Resources, and BHP Group are losing almost 1 percent each. Oil stocks are mostly lower, with Woodside Energy, Beach energy, Origin Energy, Santos, and a few others edging down.
Shares in ASX are tumbling almost 8 percent due to Treasurer Jim Chalmers' indication to end its monopoly and additional operating expenses of $25-$35 million in the 2025-26 financial year due to an ongoing ASIC compliance inquiry. On the other hand, shares in Westgold Resources are soaring almost 6 percent following the announcement of expected higher gold production between 345,000 and 385,000 ounces in fiscal 2026.
In gold miners, Northern Star Resources is advancing almost 2 percent, Newmont is adding more than 1 percent, Evolution Mining is gaining almost 1 percent, while Gold Road Resources is edging down 0.2 percent. Resolute Mining is flat.
The Aussie dollar is trading at $0.650 on Thursday in the currency market.
The market's early losses might be due to uncertainty or reaction to global inflation data or other economic reports not detailed in the search results. Recent data shows the market had just snapped two days of losses and reached fresh all-time highs, but investors remain cautious because of upcoming key US inflation data and other tests ahead, which could cause volatility.
Investors are cautious about the Australian business market, with the stock market extending early losses, potentially due to uncertainty or reaction to global inflation data or other economic reports. The investing landscape includes sectors like finance, with banks such as ANZ, Commonwealth Bank, National Australia Bank, and Westpac showing varying performance. The industry of technology also shows diversity, with companies like Afterpay owner Block, Appen, Xero, and Zip experiencing different trends.
