Australian shares rose close to a record high on Thursday, led by banking stocks, a day after data showed the country’s consumer price inflation rate stayed at a three-year low in October.
The S&P/ASX 200 index rose 0.5% to 8,445.1, as of 2350 GMT, just 17 points shy of an all-time high it reached earlier this week.
The benchmark gained 0.6% on Wednesday. Rate-sensitive financials rose 0.8%, with the “Big Four” banks gaining between 0.3% and 1.1%.
Data on Wednesday showed that Australia’s consumer price inflation held at an annual pace of 2.1%, under forecasts of 2.3%, though core inflation picked up in a sign of lingering cost pressures.
Among other sectors, miners advanced 0.3%, after iron ore futures prices strengthened for a third straight session in the previous session, boosted by firmer steel output in China.
BHP Group and Fortescue rose 0.8% and 0.7%, respectively.
Energy stocks gained 0.5%, as oil prices held steady overnight.
Healthcare stocks and technology stocks also rose 1% and 0.7%, respectively.
Among individual stocks, Insurance Australia Group jumped as much as 5.6% to become one of the top gainers on the benchmark index, after the general insurer said it would buy the insurance underwriting business of RACQ in a deal valued at A$855 million ($555.32 million).
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In New Zealand, the benchmark S&P/NZX 50 index fell 1.2% to 12,058.64, a day after the country’s central bank cut rates for a third time in four months and flagged more substantial easing.
Fisher & Paykel Healthcare dropped as much as 5.3% and was one of the top losers on the benchmark, after the medical equipment maker’s first-half net profit missed market expectations.
Source: Brecorder
