ASX Today Live News & Analysis

Mining and energy stocks have struggled to counterbalance a weak financial sector, leaving the Australian share market slightly lower ahead of key overseas economic data returning from a US government shutdown.

The S&P/ASX200 fell 21.2 points on Wednesday, down 0.25 per cent to 8,447.9 as the broader All Ordinaries dropped 16.9 points, or 0.19 per cent, to 8,721.4.

Four of the 11 ASX sectors finished higher, with financials having the biggest drag on the market's performance, losing 1.2 per cent while mining and energy stocks rose.

The spectre of US jobs figures and earnings results from Nvidia, the largest single stock in the world, loomed large over the relative quiet in Australian markets, Moomoo analyst Michael McCarthy said.

"There is a danger - given how high expectations for the Nvidia result are - that it could disappoint," Mr McCarthy told AAP.

"If that's the case, the implications for the whole sector and in fact the whole US market could be profound."

Interest rate-sensitive stocks are still suffering, though, as wage growth outshines inflation in the latest official figures, stoking fears of more rising costs.

"The market fears a wages spiral, it fears an inflation spiral, particularly at a time when we appear to be heading into a period of lower growth," Mr McCarthy told AAP.

Financials were the biggest drag on the market, plunging 1.2 per cent as CBA and Westpac dropped more than one per cent and ANZ plummeted two per cent.

Picking up the pieces for the banks was basic materials, rising 0.7 per cent, backed by strong gold and iron ore prices and good results for the companies that extract them.

Gold miners Evolution, Northern Star and Westgold sported gains above two per cent as spot gold prices lifted to $US4,091 ($A6,310) an ounce and iron ore giant BHP edged 0.1 per cent higher.

Rare earth mineral excitement also continued with Lynas, up 5.6 per cent, and Arafura rising 3.8 per cent, with both among the market's biggest overall winners.

Lagging oil prices couldn't stop energy from also playing its part to offset the poor performance of the banks with sector giants Woodside (+1.2 per cent) and Santos (+0.8 per cent) providing support.

After a positive start, tech stocks once again grinded lower by 0.5 per cent even as WiseTech jumped 0.4 per cent and Xero rose 0.3 per cent.

Despite the grim interest rate outlook, real estate stocks shot up 0.6 per cent on the back of sector big gun Goodman's 0.3 per cent bump.

The big company story was DroneShield's collapse of 20 per cent after the sudden resignation of its US chief executive Matt McCrann with no explanation. His departure follows company chief Oleg Vornik, chair Peter James and director Jethro Marks selling all their shares in the company last week.

The Australian dollar is buying 64.83 US cents, down from 65.11 US cents on Tuesday at 5pm.

ON THE ASX:

The S&P/ASX200 lost 21.2 points, or 0.25 per cent, to 8,447.9

The broader All Ordinaries fell 16.9 points, or 0.19 per cent, to 8,721.4

The NZX 50 Lost -15.92 points (-0.12%) to 13,326.90 while the Nikkei dropped -165.28 points (-0.34%) at the time of writing, to be closed at 48,537.70

Companies Holding Annual General Meeting (ASX 300):

Medibank Private Limited

Nuix Limited

Ridley Corporation Limited