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Australia Market extends gain to sixth day

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Last Updated : Feb 01 2024 | 2:35 PM IST
Australia stock market finished session strongly higher on Wednesday, 31 January 2024, on growing prospects of interest rate cuts after government figures showed inflation fell to its lowest level in two years in the December quarter, with shares in property trusts, energy, financial, and consumer staples stocks leading gains.

At closing bell, the benchmark S&P/ASX200 index surged 80.52 points, or 1.06%, to 7,680.72. The broader All Ordinaries index added 77.80 points, or 1%, to 7,912.83.

All 11 sectors ended higher along with the S&P/ASX 200 Index. A-REIT was the best performing sector, gaining +1.98%, followed by utilities (up 1.7%), energy (up 1.56%), and financial (up 1.47%) issues.

The top performing stocks in S&P/ASX200 index were NICKEL INDUSTRIES and THE STAR ENTERTAINMENT GROUP, up 9.66% and 5.66% respectively. The bottom performing stocks in S&P/ASX200 index were WEEBIT NANO and INCITEC PIVOT, down 9.85% and 7.88% respectively.

ECONOMIC NEWS: Australia's Q4 2023 Inflation Slips to 4.1% YoY- Australia's Q4 2023 inflation rate slowed to 4.1% YoY, down from 5.4% in Q3. The decline, the lowest since Q4 2021, was driven by easing goods inflation (3.8%) and a slowdown in services inflation (4.6%). Notably, prices moderated across sectors like food, housing, health, and education, while clothing and household services saw cost reductions. However, alcohol, tobacco, furniture, and communication experienced accelerated price growth. Despite the moderation, the RBA's Trimmed Mean CPI remained at 4.2%, exceeding the central bank's target range of 2-3%.

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First Published: Jan 31 2024 | 3:23 PM IST

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