Australia Market edges up

27 Jul 2022 , 05:31 PM

Australian share market finished session slightly higher on Wednesday, 27 July 2022, after data showed inflation rose softer-than-expected in Q2, raising hopes of a less hawkish central bank policy. However, market gains capped amid a wait-and-see mood grew before the end of the U.S. Federal Reserves policy-setting meeting later in the global day. The main measure of inflation in Australia – the Consumer Price Index (CPI) – rose by 1.8 per cent in the June quarter and 6.1 per cent annually, according to the latest data from the Australian Bureau of Statistics (ABS). Head of Prices Statistics at the ABS, Michelle Marquardt, said The quarterly increase of 1.8 per cent was the second highest since the introduction of the Goods and Services Tax (GST), following on from a 2.1 per cent increase last quarter. At closing bell, the benchmark S&P/ASX200 rose 17.34 points, or 0.26%, to 6,807.27. The broader All Ordinaries index added 18.84 points, or 0.27%, to 7,025.20. The top performing stocks in S&P/ASX200 index were ZIP CO and CLINUVEL PHARMACEUTICALS, up 21% and 8% respectively. The worst performers of the session were CHAMPION IRON and ILUKA RESOURCES, which fell 4.5% and 4.3%, respectively, at the close. Banks and gold miners surged, while mining heavyweights BHP and Rio Tinto fell around 2% each on lingering worries about a recession. After market close, Rio Tinto, one of the worlds top iron ore producers, reported a 29% drop in first-half profit. CURRENCY NEWS: The Australian dollar weakened to $0.6927 after the inflation print was reported.Powered by Capital Market – Live News