By Oliver Gray
Investing.com - The S&P/ASX 200 lifted 14.70 points or 0.20% to 7,407.40 in Thursday’s morning trade, extending gains of 0.9% in the previous session, as investors proved optimistic on the prospects of a strong economic recovery following the Federal Reserve’s eagerly-await policy decision earlier in the session.
Among stocks, energy companies were the biggest weight on the index, with Santos Ltd (ASX:STO) down 3.12%, Oil Search Ltd (ASX:OSH) falling 3.12%, Woodside Petroleum Ltd (ASX:WPL) down 2.67% and Beach Energy Ltd (ASX:BPT) falling 4.78%. Financial stocks also lifted on the prospect of higher interest rates, with Commonwealth Bank Of Australia (ASX:CBA) adding 1.4%, National Australia Bank Ltd (ASX:NAB) up 0.42% and Westpac Banking Corp (ASX:WBC) gaining 0.22%. Mining heavyweights were mixed with Rio Tinto Ltd (ASX:RIO) down 1.24%, BHP Billiton Ltd (ASX:BHP) up 0.75% and Fortescue Metals Group Ltd (ASX:FMG) falling 1.11% as iron ore prices traded higher overnight. Meantime, Domino's Pizza Enterprises Ltd (ASX:DMP) plummeted 18.4%% after the company declined to provide guidance due to uneven growth at yesterday’s AGM.
On the bond markets, Australia 10-Year rates were at 1.844% while United States 10-Year yields were at 1.6%.
Among data, Australia posted a record fall in quarterly retail sales, declining 4.4% amid protracted lockdowns throughout Sydney and Melbourne. However, a rebound is now underway as high rates of vaccination allow the economy to reopen.
In New Zealand, the NZX 50 was down 0.38% to 12994.