Australia stock market finished session modestly higher on Wednesday, 27 March 2024, recouping the losses in the previous session, thanks to better-than-expected domestic inflation data which held steady at 3.4% in February and strengthened the case of a sooner-than-expected interest rate cut in the country. Market gains were led by consumer goods, healthcare, industrials, and financial stocks.
At closing bell, the benchmark S&P/ASX200 index advanced 39.38 points, or 0.51%, to 7,819.61. The broader All Ordinaries index added 36.87 points, or 0.46%, to 8,073.61.
Total 9 of 11 sectors ended higher along with the S&P/ASX 200 Index. Consumer Staples was the best performing sector, gaining +1.35%, followed by healthcare (up 1.28%), industrials (up 1.22%), and financials (up 0.58%) sectors. Information technology was the worst performing sector, falling 0.53%.
The top performing stocks in S&P/ASX200 index were EMERALD RESOURCES NL and HELIA GROUP, up 5.43% and 3.76% respectively. The bottom performing stocks in S&P/ASX200 index were BOSS ENERGY and PREMIER INVESTMENT, down 3.14% and 2.91% respectively.
Shares of consumer staple sector advanced, with Woolworths (up 1.9%), Coles (up 1.6%) and Endeavour (up 0.6%) all in the green
Shares of banks and financials also climbed up. Big banks such as the Commonwealth Bank of Australia CBA.AX and National Australia Bank NAB.AX rose 1.1% and 0.6%, respectively.
Platinum Asset Management shares shed 21.1% after the investment firm unveiled it lost $1.4 million in mandated funds from a client, resulting in $18 million in lost fees every year.
ECONOMIC NEWS: Australia's CPI Steadies at 3.4% in February- Australia's Consumer Price Index (CPI) held at 3.4% for the year ending February 2024, the lowest since November 2021, according to data from the Australian Bureau of Statistic. Food prices rose the least in 25 months, while prices for alcohol, tobacco, and communications moderated. Inflation for housing and health remained stable, but prices accelerated for transport, education, and clothing. Recreation and culture prices rebounded. The monthly CPI, excluding volatile items and travel, rose 3.9% in February, above the Reserve Bank of Australia's target range of 2-3%.
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