By Oliver Gray
Investing.com - The S&P/ASX 200 fell 8.9 points or 0.12% to 7502.1 on Wednesday, extending declines of 0.94% in the previous session as mining stocks weighed down the market as corporate earnings results continue to roll in, while investors continue to monitor a worsening domestic coronavirus situation.
New South Wales health authorities reported a record high of 633 cases on Wednesday, with at least 62 of those infectious while in the community. Victoria reported 24 fresh cases with residents under the toughest lockdown restrictions in the country, while Queensland reported zero cases.
Among stocks, miners retreated amid weaker Iron ore prices, with Rio Tinto Ltd (ASX:RIO) falling 2.3%, Fortescue Metals Group Ltd (ASX:FMG) losing 0.6% and BHP Billiton Ltd (ASX:BHP) dropping 7.07% after reporting full-year results. Pact Group Holdings Ltd (ASX:PGH) surged 8.27% to 3 year highs after strong results, while Pro Medicus Ltd (ASX:PME) also surged 15.66% after reporting full year results. Meantime, AstraZeneca (NASDAQ:AZN) vaccine maker CSL Ltd (ASX:CSL) dipped 1.47% as chief executive Paul Perreault flagged slimmer profit margins into next year.
Among data, the Westpac-Melbourne Institute leading economic index fell 0.12% month over month in July, declining for the third consecutive month as the Delta variant hindered economic reopening, while the wage price index lifted 0.4% quarter on quarter in July, coming in below expectations of 0.6% as protracted lockdown restrictions weighed on wage growth.
Investors will also be looking toward key employment data due on Thursday for a gauge on the Australian workforce’s resilience to the current restrictions affecting the country.