The Australian share market experienced a significant surge on Thursday, adding almost $34 billion to the value of the ASX 200. This rally was fueled by positive news on US inflation, which prompted a rise in both banks and tech stocks. All 11 industry sectors saw gains, with banking shares performing particularly strongly.
The Australian sharemarket surged on Thursday, with close to $34 billion added to the value of the ASX 200 as banks and tech stocks rallied after encouraging news on US inflation.
Banking shares climbed sharply, with Commonwealth Bank gaining 3 per cent, Westpac rising 2.5 per cent, ANZ lifting 2.7 per cent and NAB rising 2.8 per cent. Macquarie gained , while leading fintechs Zip and Block were among the biggest movers on the day. “For the RBA, today’s figures are good news, as they surely remind them that they are still in the ‘narrow pathway’ of continued disinflation with an economy that is still close to, if not beyond, full employment,” Bloxham said.
As well as the big gains in banks and real estate shares, tech stocks also rebounded after a slump on Wednesday, pushed higher by WiseTech Global , Xero and NextDC . Energy giants Woodside and Santos also rose.Health care giant Pro Medicus fell 0.4 per cent after an initial rise spurred by the company’s announcement that it had a nine-year contract with the University of Kentucky worth $33 million. Resmed added 1.3 per cent, while CSL down 0.3 per cent.
Few traders expect Wednesday’s US inflation data to convince the Fed to cut its main interest rate at its meeting later this month, as it’s done at three straight meetings since September. But economists and analysts say it could open the door for cuts later in the year, maybe even in March, if more data comes in to show that upward pressure on inflation is abating.
AUSTRALIAN SHARE MARKET ASX 200 INFLATION BANKS TECH STOCKS
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