AIRLINK 173.15 Increased By ▲ 15.74 (10%)
BOP 10.63 Increased By ▲ 0.26 (2.51%)
CNERGY 8.58 Increased By ▲ 0.26 (3.13%)
CPHL 96.10 Increased By ▲ 3.21 (3.46%)
FCCL 47.60 Increased By ▲ 0.87 (1.86%)
FFL 15.39 Increased By ▲ 0.51 (3.43%)
FLYNG 28.00 Increased By ▲ 1.02 (3.78%)
HUBC 138.65 Increased By ▲ 4.64 (3.46%)
HUMNL 12.90 Increased By ▲ 0.38 (3.04%)
KEL 4.53 Increased By ▲ 0.32 (7.6%)
KOSM 5.57 Increased By ▲ 0.18 (3.34%)
MLCF 63.10 Increased By ▲ 2.22 (3.65%)
OGDC 215.53 Increased By ▲ 7.01 (3.36%)
PACE 5.55 Increased By ▲ 0.15 (2.78%)
PAEL 44.86 Increased By ▲ 4.08 (10%)
PIAHCLA 18.54 Decreased By ▼ -0.26 (-1.38%)
PIBTL 10.40 Increased By ▲ 0.42 (4.21%)
POWER 12.15 Increased By ▲ 0.19 (1.59%)
PPL 174.06 Increased By ▲ 5.29 (3.13%)
PRL 36.54 Increased By ▲ 1.51 (4.31%)
PTC 23.70 Increased By ▲ 0.71 (3.09%)
SEARL 95.40 Increased By ▲ 2.30 (2.47%)
SSGC 39.13 Increased By ▲ 3.56 (10.01%)
SYM 13.92 Increased By ▲ 0.26 (1.9%)
TELE 7.25 Increased By ▲ 0.30 (4.32%)
TPLP 10.25 Increased By ▲ 0.25 (2.5%)
TRG 63.90 Increased By ▲ 3.23 (5.32%)
WAVESAPP 10.05 Increased By ▲ 0.35 (3.61%)
WTL 1.33 Increased By ▲ 0.03 (2.31%)
YOUW 3.70 Increased By ▲ 0.05 (1.37%)
BR100 12,534 Increased By 294.5 (2.41%)
BR30 37,763 Increased By 1369.8 (3.76%)
KSE100 116,524 Increased By 2371.3 (2.08%)
KSE30 35,886 Increased By 685.6 (1.95%)

Australian shares edged higher on Thursday, helped by index heavyweight financials, while fresh US inflation data reassured investors that the Federal Reserve would start cutting rates next month.

The S&P/ASX 200 index rose 0.4% to 7,878.2 by 0011 GMT. Data released on Wednesday showed that US consumer prices rose moderately in July, opening the door wider for the Fed to cut rates next month.

The yield on benchmark 10-year Treasury notes rose to 3.839%, compared with its US close of 3.822%.

Overnight, the US Dow Jones Industrial Average rose 0.61%.

The S&P 500 gained 0.38%, while the Nasdaq gained 0.03%.

Among individual stocks in Australia, Origin Energy fell as much as 10.3% after the power producer warned of a decline in electricity profits due to lower wholesale costs and reduced retail margins.

Shares of Telstra rose as much as 2.2% after the country’s top telecom firm posted a near 16% drop in full-year profit.

Shares in hearing implants maker Cochlear sank more than 8% on weaker-than-expected profit forecast. Sector-wise, financials gained 0.9%, with the ‘Big Four’ banks rising between 0.8% and 1.9%.

Australian shares hit record high; RBA cautious on inflation

Energy stocks rose nearly 1%.

Brent crude futures rose 0.19% to $79.91 a barrel, while US West Texas Intermediate (WTI) crude gained 0.27% to $77.19 per barrel.

Meanwhile, mining stocks fell about 0.7%. Dalian iron ore futures fell 1.1% on Wednesday.

The Aussie dollar was 0.02% stronger against the US dollar at A$0.66 on Thursday.

Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index fell 0.2% to 12,553.36.

New Zealand’s central bank governor said the pace of future interest rate cuts will be determined by how prices track in coming months.

The central bank slashed its benchmark rate on Wednesday for the first time since March 2020.

Comments

Comments are closed.