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Australian shares extend gains as inflation eases

Published 29/03/2023, 04:31 pm
Updated 29/03/2023, 04:34 pm
© Reuters.

By Oliver Gray 

Investing.com - The S&P/ASX 200 added 17 points or 0.2% to 7,051.1 on Wednesday, extending gains of 1.1% in the previous session and closing near 2-week highs as easing inflation data spurred optimistic bets among investors ahead of next week's closely watched interest rate decision from RBA policymakers.

Among stocks, energy and materials lifted 1.3% and 1.4% respectively, with Woodside Energy Ltd (ASX:WDS), Santos Ltd (ASX:STO), Beach Energy Ltd (ASX:BPT), Viva Energy Group Ltd (ASX:VEA). Rio Tinto Ltd (ASX:RIO), BHP Group Ltd (ASX:BHP), Fortescue Metals Group Ltd (ASX:FMG), Champion Iron Ltd (ASX:CIA)

Gold miners also rose with St Barbara Ltd (ASX:SBM) up 2.3%, Gold Road Resources Ltd (ASX:GOR) adding 3.4%, Newcrest Mining Ltd (ASX:NCM) up 1.3% and Northern Star Resources Ltd (ASX:NST) adding 2.3%.

On the data front, monthly inflation data came in at 6.8%, coming in well below forecasts of 7.1% and easing from last month's reading of 7.4%.

On the bond markets, Australia 10-Year rates were at 3.289%.

In New Zealand, the NZX 50 fell 0.3% to 11,736.8.

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