The Australian stock market swung to notable gains in mid-market trading on Wednesday, extending the positive momentum from the previous session.
The benchmark S&P/ASX 200 Index climbed 52.30 points or 0.59 percent to 8,909.40, after hitting an earlier low of 8,832.60 during the session.
The broader All Ordinaries Index also advanced, rising 37.20 points or 0.41 percent to reach 9,186.50 by mid-market.
The gains came despite broadly negative cues from Wall Street overnight, with Australian investors shrugging off the offshore weakness to push domestic indices higher.
Strength in financial, mining, and energy stocks drove much of the market’s upward momentum, partially offsetting notable declines in the technology sector.
Among major miners, BHP Group (BHP) and Rio Tinto (RIO) were each gaining almost 4 percent, while Fortescue was adding more than 1 percent, with Mineral Resources the exception, losing almost 1 percent.
Oil stocks were largely in positive territory, with Santos advancing more than 2 percent, and both Woodside Energy and Beach Energy adding almost 3 percent each, while Origin Energy slipped more than 2 percent.
The technology sector was the clear underperformer of the session, with Xero (XRO) plunging more than 13 percent and WiseTech Global sliding more than 7 percent across the board.
Afterpay owner Block and Zip both slipped around 6 percent each, while Appen fell almost 2 percent, adding to the sector’s heavy losses on the day.
Among the big four banks, National Australia Bank and Commonwealth Bank were each gaining more than 1 percent, while Westpac and ANZ Banking edged up 0.4 percent each.
Gold miners delivered some of the session’s strongest individual performances, with Northern Star Resources surging almost 6 percent and Newmont adding almost 4 percent.
Evolution Mining gained almost 3 percent, while both Resolute Mining and Genesis Minerals advanced more than 2 percent, reflecting strength across the gold sector.
In currency markets, the Australian dollar was trading at $0.702 against the US dollar on Wednesday, providing a stable backdrop for the day’s trading activity.
