Australian Market Flat as Mining Stocks Offset Energy Sector Losses

The Australian stock market was stable on Wednesday morning, with mining stocks offsetting losses in energy sectors. The S&P/ASX 200 index hovered around 8578.50 as of 11am AEST.

Copper prices in London advanced toward a record, boosting copper powerhouses BHP and Rio Tinto, which rose 2.1 per cent and 1 per cent respectively. Gold producers also performed well, with Northern Star Resources climbing 4.1 per cent and Evolution Mining rising 2.9 per cent.

In contrast, energy stocks struggled due to falling oil prices. West Texas Intermediate for November dropped below $US90 a barrel after losing about 10 per cent over the previous five days. Local oil and gas giants Woodside and Santos declined by 1.3 per cent and 1.4 per cent respectively.

The tech sector saw some losses, with software makers WiseTech and Xero down 1 per cent and 1.7 per cent respectively. However, AI data centre operator NextDC rose another 2.5 per cent.