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Markets Score 45 Bearish

Australian Market Posts Sharp Midday Decline Amid Sector Divergence

Apr 02, 2026 03:29 UTC
^AXJO, ^GSPC, ^VIX
Immediate term

The Australian market is slipping to significant losses in mid-market moves on Thursday after opening in the green, reversing some of the gains in the previous two sessions, despite the broadly positive cues from Wall Street overnight.

  • The S&P/ASX 200 is down 0.97 percent to 8,587.30.
  • The All Ordinaries Index is losing 1.13 percent to 8,785.30.
  • Major mining stocks like Rio Tinto and Fortescue are down more than 2 percent each.
  • Technology stocks including Block, Zip, and WiseTech Global are declining by 3 to 8 percent.
  • KMD Brands shares are down nearly 55 percent after resuming trading.
  • KGL Resources shares are up over 19 percent following a $300 million funding announcement.

The S&P/ASX 200 benchmark index is down 0.97 percent at 8,587.30, having previously reached 8,723.30 before falling to 8,586.20. The broader All Ordinaries Index is also in negative territory, losing 1.13 percent to 8,785.30. The decline follows a sharp rise in the previous session, indicating a reversal of recent momentum. Mining and technology stocks are among the hardest hit, with major miners like Rio Tinto and Fortescue each falling more than 2 percent. Mineral Resources is down over 4 percent, while BHP Group is losing nearly 2 percent. In contrast, energy and financial stocks are showing resilience, with some oil companies and the big four banks posting modest gains. Technology stocks are also underperforming, with Block (owner of Afterpay), Zip, WiseTech Global, Xero, and Appen all seeing declines of 3 to 8 percent. KMD Brands is experiencing a dramatic drop, with shares falling nearly 55 percent after resuming trading following a capital raising. Meanwhile, KGL Resources is seeing a surge, with shares up over 19 percent after securing a $300 million funding package for its Jervois project. The Australian dollar is trading at $0.688, reflecting the market's mixed performance.

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