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FIVE at FIVE AU: ASX crosses above 200-day average as flattening CPI lowers fears of further rate rises

Published 28/06/2023, 04:18 pm
© Reuters.  FIVE at FIVE AU: ASX crosses above 200-day average as flattening CPI lowers fears of further rate rises
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The ASX rose 1.23% to 7,205.40 points today, crossing above its 200-day moving average and now 4.79% below its 52-week high.

Investors were likely encouraged by today’s monthly CPI indicator data, which rose 5.6% in the 12 months to May 2023.

ABS head of prices statistics Michelle Marquardt said: "This month’s annual increase of 5.6% is the smallest increase since April last year.

“While prices have kept rising for most goods and services, many increases were smaller than we have seen in recent months."

The sectors were subsequently in the green almost across the board, with only Utilities (-0.03%) missing out on the gains as Consumer Discretionary (+2.10%) and Real Estate (+2.03%) raced ahead of the rest.

On the commodity side of things, the precious metals were down in the dumps, mostly flat alongside oil’s 2.16% dip (now down 39.17% for the year). The base metals gained bar copper, which fell 0.15%, with nickel taking the crown on a 2.38% increase today.

The best-performing stocks today were The Star Entertainment Group Ltd, up 12.50% after securing the sale of the Sheraton Grand Mirage Resort on the Gold Coast for a neat $192 million and Imugene Ltd (ASX:IMU, OTC:IUGNF), up 8.93% after appointing US mid-cap biotechnology veteran Kim Drapkin last week.

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