Australian shares ended higher on Thursday, driven by broad-based gains across sectors and in tandem with global sentiment, as focus shifts to the US Federal Reserve’s comments at an upcoming annual conference.
The S&P/ASX 200 index ended 0.7% higher at 7048.1 points at the close of trade.
The benchmark rose 0.5% on Wednesday.
“Overall macro picture remains heavy on the Jackson Hole symposium, as the market watches for commentary from US Federal Reserve chair Powell and any hints on the overall Fed rhetoric for the next rate hike,” said Azeem Sheriff, market analyst at CMC Markets.
The commentary will have an impact on other global equity markets, especially if the measures discussed are not seen as sufficient to tackle the high inflationary environment in the US, he added.
Miners and mining sub-index rose 0.7%, adding gains for the third straight session, with sector giants BHP Group, Rio Tinto and Fortescue Metals Group climbing between 0.1% and 0.7%.
Additionally, banking stocks gained 0.8% with the so-called “Big Four” banks trading in positive territory.
Gold stocks emerged as the top gainer on benchmark, jumping 2.7% on firmer bullion prices, while technology stocks added 0.2%, tracking strong overseas peers.
Energy stocks too reacted to higher oil prices, rising 1.6%.
Australian shares snap two days of losses aided by resources stocks
Bucking the trend, Whitehaven Coal slipped 1.3% as it flagged higher unit costs for next year, after posting a record profit in fiscal year 2022.
Airliner Qantas Airways added over 7%, after it said it will buy back up to A$400 million ($278.64 million) of shares as travel demand rebounds.
Further, fund manager Pendal Group gained over 8% after it accepted a sweetened take over bid from larger rival Perpetual Ltd.
New Zealand’s benchmark S&P/NZX 50 index ended 0.2% lower at 11,627.1.
Comments
Comments are closed for this article.