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Australian shares finish at fresh 6-month highs as inflation slows

Published 30/11/2022, 04:31 pm
Updated 30/11/2022, 04:35 pm
© Reuters.

By Oliver Gray 

Investing.com - The S&P/ASX 200 added 30.9 points or 0.4% to 7,284.2 during Wednesday’s trading session, extending gains of 0.3% in the previous session and finishing at fresh 6-month highs as market participants proved optimistic after inflation data came in below expectations.

Among stocks, energy and materials companies posted the greatest gains with Santos Ltd (ASX:STO) up 1%, Woodside Energy Ltd (ASX:WDS) adding 1.3%, Beach Energy Ltd (ASX:BPT) up 2.9% and Viva Energy Group Ltd (ASX:VEA) adding 0.4%, while Rio Tinto Ltd (ASX:RIO) gained 1.7%, BHP Group Ltd (ASX:BHP) added 1.6%, Fortescue Metals Group Ltd (ASX:FMG) dipped 0.4% and Champion Iron Ltd (ASX:CIA) added 2.4%.

The rate sensitive real estate and information technology sectors also posted moderate gains, with Goodman Group (ASX:GMG) up 2.3%, Charter Hall Group (ASX:CHC) gaining 2.7% and Scentre Group Ltd (ASX:SCG) up 1%, while Block Inc (ASX:SQ2) added 0.1%, Brainchip Holdings Ltd (ASX:BRN) gained 2.8%, Altium Ltd (ASX:ALU) lifted 0.7% and  Xero Ltd (ASX:XRO) added 2.6%.

On the data front, October’s consumer price index came in at 6.9%, below expectations of 7.4% and slowing from 7.3% in September.

On the bond markets, Australia 10-Year rates were at 3.535% while United States 10-Year yields were at 3.727%.

In New Zealand, the NZX 50 added 1.4% to 11,552.

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