Australian shares were rangebound on Wednesday, as gains in health stocks offset losses in energy and gold stocks, while investor appetite remained stunted ahead of the outcome of the Federal Reserve’s two-day monetary policy meeting.
The S&P/ASX 200 index rose about 0.1% to 8,320.5 points by 1147 GMT.
The benchmark rose 0.8% on Tuesday.
The Federal Reserve is anticipated to cut rates by 25 basis points at its two-day interest rate meeting from December 17-18, with the announcement expected on Dec. 19.
Markets will be closely watching the outcome for any cues on future easing.
In Australia, the local central bank held interest rates steady at 4.35%, in its last meeting of the year earlier this month, with the minutes of the meeting slated for release next week.
On the Sydney bourse, gold stocks fell around 0.2% as bullion prices slipped due to a stronger dollar.
Energy stocks added to the fall, dropping 0.3% as oil prices struggled on demand worries following the release of negative economic news from Germany and China.
Sector giant Santos fell 0.7%.
Banks help Australia shares rebound; miners and energy lag
Healthcare stocks, on the other hand, rose 0.4, with one of the country’s priciest stocks CSL advancing over 1%, both hitting their highest level since Dec. 10.
Among individual stocks, Australian money manager Insignia Financial fell as much as 2.8% to log its biggest intraday fall since Dec. 6, after it rejected Bain Capital’s A$2.67 billion ($1.69 billion) takeover bid, saying the offer does not provide fair value to its shareholders.
New Zealand’s benchmark S&P/NZX 50 index fell 0.1% to 12,897.9 points.
Source: Brecorder
