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Highlights:
ASX shows modest gains in midday trading despite weak cues from US markets
Strength in gold miners, financials, and tech offsets declines in energy and iron ore stocks
Benchmark index trades below key psychological level during intraday recovery
The Australian share market is trading slightly higher at midday, recovering from early weakness. Gains across gold mining, banking, and technology stocks are helping to support the index. Mining stocks, including BHP, Rio Tinto, and Fortescue, are also contributing to the positive momentum, with the materials sector performing well. Despite overnight declines in global markets, the local market continues to build on strength from previous sessions.
Iron Ore Miners Trade Lower
Shares of BHP Group (ASX:BHP) are edging lower amid a broader decline in major iron ore miners. The materials sector is under pressure during the session, with weakness in commodity prices weighing on sentiment. Large-cap mining companies, including diversified players like BHP, are retreating alongside other established and mid-tier names. The downturn follows softer demand indicators and a subdued outlook for iron ore, contributing to declines across the sector.
Energy Stocks Weaken
Oil and gas companies are trading mostly lower, influenced by soft movements in global crude prices. A leading energy producer is down sharply, while other major names in the sector are also declining. A few players, however, are defying the broader trend, with one diversified energy firm showing marginal gains amid sector-wide losses.
Tech Sector Extends Gains
Technology stocks are adding support to the broader market. A well-known payments platform is trading slightly higher, while other tech firms are recording notable increases. One cloud-based software company is up moderately, while a logistics software provider is also posting gains. Among smaller technology firms, a buy-now-pay-later company is surging significantly.
Banking Sector Provides Stability
Australia's largest banks are contributing to the market's upward move. The big four banks are all trading higher, with each registering modest to solid intraday gains. These moves reflect broad sector strength and resilience in financial services during the session. The steady performance in this area is helping offset pressure in other parts of the market.
Gold Miners Drive Sector Strength
Gold mining stocks are among the top performers at mid-session. Leading producers are trading higher, supported by favorable moves in bullion prices. Several well-known names in the sector are up, with gains spread across both large and mid-sized operators. One smaller gold company is trading lower, contrasting with broader sector momentum.
Broad Market Overview
The overall market is showing resilience in the face of international volatility, with several domestic sectors providing a buffer. Gains in defensive and growth-oriented segments are outweighing declines in cyclical sectors such as energy and materials. The index has managed to rebound from earlier lows, staying within reach of recent highs reached earlier in the week.
