Australian shares pare early gains as banks, BHP weigh
The ASX rose but sluggish performances from the big banks and miners dragged on the bourse. -AAP Image
Australia's share market has pared early gains for a relatively flat finish after hopes of easing US-Iran tensions came up against weakness in some of Australia's largest companies.
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The S&P/ASX200 rose 7.9 points on Wednesday, up 0.09 per cent, to 8,978.7, as the broader All Ordinaries lifted 16 points, or 0.17 per cent, to 9,181.1.
The top 200 reached as high as 8,960.6 during the session, but sluggish performances from the big four banks, mega miners BHP and Rio Tinto, and Wesfarmers dragged on the bourse.
The slip came as the International Monetary Fund warned the Middle East energy shock could leave Australia with one of the highest inflation rates in the developed world, while projecting national economic growth plunge to 1.7 per cent in 2027 from 2.6 per cent in 2025.
The Australian dollar is buying 71.40 US cents, up from 70.96 US cents on Tuesday at 5pm AEST.
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