The Australian share market has finished slightly higher, stabilising after the previous day's losses, its worst selloff in seven weeks.
The benchmark S&P/ASX200 index slipped into negative territory on Wednesday afternoon, but ultimately finished up 10.3 points, or 0.13 per cent, to 8,216.0, while the broader All Ordinaries rose 7.3 points, or 0.09 per cent, to 8,476.3.
Capital.com analyst Kyle Rodda said markets were treading water ahead of what was bound to be a historic three weeks: a deluge of results from US tech giants; back-to-back US inflation and jobs figures; the US presidential election and a Federal Reserve meeting likely to result in interest rate cuts.
Also, bonds continued to sell off, sending yields higher and putting pressure on equities, as investors reconsidered the pace of rate cuts following cautious comments from US and European central bankers.
Six of the ASX's 11 sectors finished higher on Wednesday and four closed lower, with utilities basically flat.
Consumer staples was the biggest mover, rising 1.3 per cent.
Coles added 1.4 per cent and Woolworths climbed 1.6 per cent as lawyers for both supermarkets appeared in Federal Court to defend allegations they tricked consumers with fake discounts.
In the heavyweight mining sector, BHP rose 0.7 per cent to $42.43, Fortescue added 1.2 per cent to $19.77 and Rio Tinto grew 0.3 per cent to $118.46.
Goldminers continued their ascent as the precious metal set yet another all-time high, at US$2,753 an ounce.
Evolution climbed 1.9 per cent, Bellevue Gold rose 3.2 per cent and Genesis Minerals added 2.8 per cent.
The big four banks all finished higher, with Westpac climbing 0.3 per cent to $32.03, NAB creeping 0.1 per cent higher at $38.62 and ANZ and CBA both rising 0.4 per cent, to $31.36 and $141.78, respectively.
In small caps, Playside Studios plunged 32.2 per cent to a nearly one-year low of 48.5 cents after the Melbourne-based video game developer said it expected to make between zero and $5 million in operating earnings this financial year, down from $17.5 million in 2023/24.
A series of layoffs in the video game industry have hurt Playside's work-for-hire business, and it plans to spend more on developing and marketing games, its executives told the company's annual general meeting.
Back in the mining sector, 29 Metals plummeted 22.1 per cent to a one-month low of 44 cents as the Melbourne-headquartered copper miner said in a quarterly update that its cash balance had dropped to $60 million, from $85 million three months earlier.
On the flip side, Michael Hill International rose 9.8 per cent to a two-month high of 56 cents after the jewellery store chain said same-store sales were up four per cent so far in 2024/25.
"As we prepare for the all-important Christmas trading period, the positive momentum we have seen in the first 14 weeks is very encouraging," managing director Daniel Bracken told the company's annual general meeting, which was held virtually.
The Australian dollar was buying 66.75 US cents, from 66.89 US cents at Tuesday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index on Wednesday gained 10.3 points, or 0.13 per cent, to 8,216.
* The All Ordinaries gained 7.3 points, or 0.09 per cent, at 8,476.3
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 66.75 US cents, from 66.87 US cents at Tuesday's ASX close
* 101.60 Japanese yen, from 100.82 yen
* 61.77 euro cents, from 61.78 euro cents
* 51.38 British pence, from 51.42 pence
* 110.57 NZ cents, from 110.42 NZ cents.
