PERTH: The Australian stock market pared initial gains and drifted into negative territory on Wednesday, led by banks and mining stocks.
In late-morning trades, the benchmark S&P/ASX 200 Index is down 20 points or 0.34 percent to 5,913.90, after climbing to 5,947.70 in early trades. The broader All Ordinaries Index is declining 19.50 points or 0.33 percent to 5,883.40.
Mining stocks are lower following the overnight decline in iron ore prices. BHP Billiton (BHP) is declining 0.8 percent, Rio Tinto (RIO), trading ex-dividend, is losing 0.7 percent and Fortescue Metals is lower by 2.3 percent. Gold miner Newcrest Mining is down 0.6 percent.
