Australian shares tick down as miners slip, banks limit losses
Australian stocks edged lower on Wednesday , as gains in financials were eclipsed by a more than 2% drop in heavyweight mining stocks as base metal prices remained weak. The S&P/ASX 200 lost 0.1% to hit 9,118.60 by 2338 GMT. The index had gained roughly 1.2% over the last two sessions. The resources sub-index was the biggest drag on the benchmark, after advancing around 4.6% over the past two…
On Wednesday, Australian shares declined as mining stocks suffered a more than 2% decline due to weak base metal prices. The S&P/ASX 200 dropped 0.1%, reaching 9,118.60 by 2338 GMT, after gaining roughly 1.2% over the previous two days. The resources sub-index was the primary factor in the benchmark's decline, following a 4.6% advance in the last two days.
Mining giants BHP and Rio Tinto, among the sub-index's top constituents, slipped 1.3% and 2.1%, respectively. In the gold mining sector, Northern Star Resources and Evolution Mining dropped 3% and 2.5%, respectively, as bullion prices fell 3%. Healthcare stocks fell 0.2%, with Cochlear and Pro Medicus falling 1.4% and 0.9%, respectively.
Nonetheless, banks managed to gain 0.4%, with the "Big Four" lenders increasing between 0.7% and 1.2%, while National Australia Bank lost 0.1%. Commonwealth Bank of Australia, its share price rising to its highest since mid-August, erased early losses following an 8% increase in first-quarter cash profit, despite a 16% plunge in home loan application volumes.
Energy stocks were poised to record their third consecutive day of gains, unaffected by oil prices hitting two-month lows due to a lowered probability of additional US-led strikes on Iran. Woodside Energy and Santos surged by 0.6% and 0.8%, respectively, while IDP Education rose over 28% after its board considered a revised takeover proposal from Blackstone, valuing the company at approximately A$833.7 million ($571.17 million).
Meanwhile, New Zealand's S&P/NZX 50 index fell 0.3% to 14,125.57, following a record high the previous day.
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