The Australian sharemarket reversed early gains to close slightly lower on Wednesday, as persistent global growth concerns and falling oil prices weighed on investor sentiment despite reassurances from the White House on trade negotiations with China.
The S&P/ASX 200 Index slipped 2 points to finish at 7759.7, erasing a modest intraday advance as six of 11 sectors closed in the red.
The energy sector led declines on the local bourse after Brent crude extended losses. Oil prices came under pressure following the International Energy Agency's sharp downgrade of global demand forecasts.
Santos and Woodside fell 2.3% apiece, and Beach Energy fell 2.6%.
Technology stocks also retreated, with Xero and WiseTech Global down 1.2% each, while TechnologyOne eased 0.6%.
In contrast, the financial sector offered some support, with Westpac up 1.5%, National Australia Bank gaining 1%, and Commonwealth Bank up 0.8%.
Bank of Queensland also jumped 5.5% after forecasting a stronger earnings margin in the second half of the year.
Gold miners rose strongly as spot gold approached the US$3,200 level.
Genesis Minerals surged 8.4%, the largest gain on the ASX 200, while St Barbara added 6.4%, Westgold gained 3.6%, and Northern Star advanced 1.5%.
Among individual companies, Zip soared 16.2% after the digital payments firm upgraded its full-year earnings guidance.
Meanwhile, Rio Tinto fell 2.7% after reporting a significant decline in shipments from its Pilbara operations amid a series of tropical cyclones.
In the bond market, yields on 10-year and 2-year Australian government bonds ticked up 0.1% and 0.2% to 4.302% and 3.323%, respectively.
