At closing bell, the benchmark S&P/ASX200 index was up 9.34 points, or 0.12%, to 7,734.54. The broader All Ordinaries index grew 2.02 points, or 0.03%, to 7,990.28.
Total 6 of 11 sectors ended higher along with the S&P/ASX 200 Index. Financial was the best performing sector, gaining +0.80%, followed by utilities (up 0.54%) and energy (up 0.51%). Information technology was the worst performing sector, falling 1.44%, followed by consumer staples (down 0.59%) and materials (down 0.58%).
The top performing stocks in S&P/ASX200 index were MAGELLAN FINANCIAL GROUP and STRIKE ENERGY, up 7.85% and 4.88% respectively. The bottom performing stocks in S&P/ASX200 index were ARCADIUM LITHIUM and IRESS, down 9.7% and 6% respectively.
ECONOMIC NEWS: Australia GDP Advances 0.2% On Quarter In Q4-Australia's gross domestic product expanded a seasonally adjusted 0.2% on quarter in the fourth quarter of 2024, the Australian Bureau of Statistics said on Wednesday. On an annualized basis, GDP advanced 1.5% - exceeding expectations for 1.4% but slowing from 2.1% in the third quarter. Nominal GDP rose 1.4%. The GDP implicit price deflator (IPD) increased 1.2%, driven by a rise in export prices as demand from export markets for iron ore and coal increased. Import prices rose 0.8% driven by a weaker Australian dollar. The terms of trade rose 2.2%.
Australia Retail Sales Grow 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 Wednesday - coming in at A$35.723billion. On a yearly basis, sales also rose 1.1%. Individually, sales were up for household goods, clothing, department stores, other sales and cafes and restaurants. Sales were down slightly for food items. Total online retailing sales were A$3.998 billion in January, up 1.5% on month.
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