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 days.

The sector came under pressure due to range-bound iron ore and lower copper prices.

BHP and Rio Tinto, two of the sub-index’s biggest names, dropped 1.3% and 2.1%, respectively.

Among gold miners, which tracked a near 3% slide in bullion prices, Northern Star Resources and Evolution Mining declined 3% and 2.5%, respectively.

Healthcare stocks dropped 0.2%.

Index constituents Cochlear and Pro Medicus lost 1.4% and 0.9%, respectively.

Bucking the trend, banks ticked up 0.4%.

Three of the “Big Four” lenders rose between 0.7% and 1.2%, while National Australia Bank slipped 0.1%.

Commonwealth Bank of Australia erased early losses to advance up to 1.2%, their highest since mid-August.

The country’s top lender booked an 8% rise in first-quarter cash profit, despite a 16% slide in home loan application volumes.

Energy stocks were set to log their third straight session of gains, unencumbered by oil prices trading at two-month lows on lower risks of further US-led strikes on Iran.

Woodside Energy and Santos gained 0.6% and 0.8%, respectively.

IDP Education surged more than 28% after the IELTS English-language exam co-owner said its board was considering a revised takeover proposal from Blackstone, valuing it at about A$833.7 million ($571.17 million).

In New Zealand, the S&P/NZX 50 index fell 0.3% to 14,125.57, a day after notching a record high.