Australia: Market ends near record high

Australia stock market finished session near record high on Thursday, 29 February 2024, on renewed hopes of interest rate cuts from the central bank after softer than expected retail sales data for January.

At closing bell, the benchmark S&P/ASX200 index was up 38.28 points, or 0.5%, to 7,698.70. The broader All Ordinaries index grew 42.41 points, or 0.54%, to 7,959.54.

Total 10 of 11 sectors ended higher along with the S&P/ASX 200 Index. A-REIT was the best performing sector, gaining +1.67%, followed by consumer discretionary and information technology sectors, rising 1.3% and 0.86%, respectively. Utilities sector was bottom performer, falling 0.33%.

The bottom performing stocks in S&P/ASX200 index were CHALICE MINING and HEALIUS, down 10.32% and 5.93% respectively. The top performing stocks in S&P/ASX200 index were WEEBIT NANO and THE STAR ENTERTAINMENT GROUP, up 9.60% and 8.33% respectively.

Interest-rate sensitive real estate investment trusts led the advances on expectations that the Reserve Bank of Australia will fast track rate cuts. Charter Hall Group rallied 2.4% and Goodman Group jumped 3.8%. Scentre Group (up 1.3%) and Stockland Corp. (up 0.45%) also traded higher.

Utilities was the only sector trading in the red at the end of the last trading day of February, amid a slump in the share price of APA Group (down 1.38%), Mercury NZ (down 1.87%) and AGL (down 0.58%).

Star Entertainment soared 8.3% after it unveiled a net profit of $9.1 million for the December half.

South32 gained 4.6% after the diversified miner said it is selling its Illawarra metallurgical coal project in New South Wales.

ECONOMIC NEWS: Australia Retail Sales Rise 1.1% In January - The total value of retail sales in Australia was up a seasonally adjusted 1.1% on month in January, the Australian Bureau of Statistics said on Thursday - coming in at A$35.723 billion. Individually, sales were up for household goods (2.3%), clothing (2.4%), department stores and other (both 1.7%), and cafes and restaurants (1.3%). Food retailing was down 0.1%.

Australia Capex Rises 0.8% In Q4 -The total value of new capital expenditure in Australia was up a seasonally adjusted 0.8% on quarter in the fourth quarter of 2023, the Australian Bureau of Statistics said on Thursday - coming in at A$40.061 billion. Capex for buildings and structures rose 1.5% on quarter to A$21.712 billion and capex for equipment, plants and machinery eased 0.1% at A$18.349 billion. On a yearly basis, overall capex was up 7.9%.

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