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ASX extends 10-month highs on smaller Fed rate rise

Published 02/02/2023, 04:36 pm
Updated 02/02/2023, 04:40 pm
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By Oliver Gray 

Investing.com - The S&P/ASX 200 added 9.9 points or 0.1% to 7,511.6 during Thursday’s trade, extending gains for the second consecutive session and closing at fresh 10-month highs as traders proved optimistic on riskier asset classes following the Federal Reserve’s 0.25% rate hike overnight.

Among stocks, Information Technology popped 3.2% as Block Inc (ASX:SQ2) added 5.9%, Appen Ltd (ASX:APX) lifted 1.6%, Megaport Ltd (ASX:MP1) gained 9.8% and Novonix Ltd (ASX:NVX) added 2%.

Real estate was also 0.9% higher overall as Goodman Group (ASX:GMG) gained 0.9%, Charter Hall Group (ASX:CHC) added 6.4%, Mirvac Group (ASX:MGR) lifted 1.7% and Stockland Corporation Ltd (ASX:SGP) gained 0.7%.

Materials finished 0.3% lower, with Rio Tinto Ltd (ASX:RIO) down 2.3%, BHP Group Ltd (ASX:BHP) falling 1.4% and Champion Iron Ltd (ASX:CIA) down 0.4% amid lower Iron ore prices in China.

However, gold miners popped as the US Dollar Index fell to 10-month lows. St Barbara Ltd (ASX:SBM) gained 2.8%, Gold Road Resources Ltd (ASX:GOR) added 5%, Newcrest Mining Ltd (ASX:NCM) lifted 3.7% and Northern Star Resources Ltd (ASX:NST) added 4.6%.

On the data front, building approvals came in at 5-month highs of 18.5%, well above expectations of 1%, while NABs quarterly businesss confidence survey sank to -1 following a reading of 9 in the previous month.

Among currencies, the Australian dollar was last trading near 8-month highs of 0.7147.

On the bond markets, Australia 10-Year rates were at 3.545% while United States 10-Year yields were at 3.42%.

In New Zealand, the NZX 50 added 0.5% to 12,152.2.

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