The Australian share market finished marginally higher on Wednesday as gains in property and tech stocks offset losses in the mining sector.
The S&P/ASX 200 rose 9.3 points, or 0.1%, to close at 7,934.5, with eight of the 11 sectors finishing in positive territory.
Australian real estate investment trusts (AREITs) led the market for the second straight session, with Goodman Group and Charter Hall gaining 3.2% apiece, and Lendlease up 2.5%.
The technology sector also performed well, up 1% overall, with Megaport advancing 4.3%, NextDC up 3%, and WiseTech up 1.1%.
The materials sector was the biggest laggard, falling 1.7%, as major miners Rio Tinto, BHP, and Fortescue Metals Group declined 1.7%, 1.5%, and 1.6%, respectively.
Among individual companies, Star Entertainment faced renewed financial uncertainty after failing to secure an A$940-million rescue deal from Salter Brothers, leaving the casino group at risk of administration for the third time this year.
The company is now in talks with United States gambling giant Bally’s Corporation for potential financial support.
Meanwhile, Mineral Resources fell 2.3% on news that founder and managing director Chris Ellison had been hit with a class action lawsuit in the Supreme Court of Victoria. The company said it would “strongly defend” the case.
On the bond markets, Australian 10-year and 2-year yields were up 0.9% and 1.4% respectively at 4.386% and 3.707%.
