Australian shares tick down as miners slip, banks limit losses

Australian shares slipped on Wednesday as weakness in mining stocks outweighed gains among banks, Business Recorder reported. The S&P/ASX 200 was down 0.1% at 9,118.60 by 2338 GMT, after rising about 1.2% over the previous two sessions.

The resources sub-index led the decline, with iron ore trading in a narrow range and copper prices lower; BHP fell 1.3% and Rio Tinto lost 2.1%. Gold miners also retreated as bullion fell nearly 3%, while the banking sector rose 0.4%. Commonwealth Bank of Australia advanced as it reported an 8% increase in first-quarter cash profit, despite home loan applications falling 16%.

Energy shares gained for a third session, with Woodside Energy up 0.6% and Santos 0.8%. IDP Education jumped more than 28% after its board considered a revised Blackstone takeover proposal valuing the company at about A$833.7 million ($571.17 million); New Zealand's S&P/NZX 50 fell 0.3% after reaching a record high the day before.