Australian Shares Reserve Gains in Early Trade

  • Stock Market News
Australian Shares Reserve Gains in Early Trade
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 dipped 0.8% in early deals on Wednesday, reversing gains of 0.55% in the previous as risk appetite was dented following weaker than expected U.S. and Chinese economic data.

In coronavirus news, New South Wales added 1116 fresh cases as testing and vaccination rates continue to surge across the state. Victoria added 120 fresh cases as health authorities moved to ease lockdown restrictions, while the ACT extended lockdowns for a further 2 weeks following 13 new cases yesterday.

Among stocks, Wesfarmers Ltd (ASX: WES ) dipped 2.47%, Endeavour Group Ltd (ASX: EDV ) lost 1.51% and Iress Ltd (ASX: IRE ) dropped 1.42% after the companies traded ex-dividend. Miners also traded lower with Rio Tinto Ltd (ASX: RIO ) falling 1.67%, BHP Billiton Ltd (ASX: BHP ) dipping 1.07% and Fortescue Metals Group Ltd (ASX: FMG ) falling 2.76%.

Among data, the Australian Q2 GDP reading is set for a modest gain when figures are released ahead in the session.

In New Zealand, the NZX 50 moved 27.06 points or 0.2% lower to 13194.38.

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