Australian shares inched higher on Wednesday, as gains in banks and healthcare stocks outweighed losses in commodity-related sectors, while investors awaited March-quarter economic growth data due later in the day for further direction.
The S&P/ASX 200 index rose 0.2% to 7,750.7 by 0030 GMT. The benchmark fell 0.3% on Tuesday.
The gross domestic product (GDP) data due at 0130 GMT is likely to show a growth of 0.2%, according to a Reuters poll.
Data released on Tuesday showed Australia’s current account unexpectedly swung into deficit in the March quarter as imports jumped and prices for commodity exports fell, possibly taking a chunk out of the GDP.
Gains at the bourse were led by healthcare firms, with the sub-index rising 1.1% to its highest in three weeks. The real estate sub-index climbed 1.6%.
Rate-sensitive financials rose 0.5%, with the “Big Four” banks up between 0.3% and 0.7%. Bucking the trend, miners on the resources-heavy bourse dipped 1.4%, nearing a one-month low.
Sector behemoths BHP, Rio Tinto, and Fortescue were trading lower by 1.1%, 1.2%, and 0.7% respectively Iron ore futures were near their lowest in seven weeks, as signs of weakening demand in top consumer China and lingering high portside inventories weighed on the market.
Australia shares flat as miners offset gains in financials, healthcare
Gold stocks were down 1.8% after bullion prices dropped overnight on caution over the US Federal Reserve’s interest rate strategy.
Energy stocks fell 1.1% as global oil prices declined on investor worries over shaky demand.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index was down 0.1% at 11,863.6.
Comments
Comments are closed for this article.