Australia Market gains after Powells less hawkish comment

28 Jul 2022 , 05:48 PM

Australian share market finished session strongly higher on Thursday, 28 July 2022, on tracking positive lead from Wall Street overnight after the U.S. Federal Reserve announced a 75-bps rate hike, as widely expected, and indicated a slowdown in rate hikes pace going forward in the United States. The Federal Reserve on Wednesday again raised the benchmark interest rate by 75 basis points to 2.25-2.5% in its ongoing battle to tamp down raging price pressures that are squeezing Americans. The US Fed Chairman Jerome Powell also stated on Wednesday that the central bank could slow the pace of interest rate increases, depending on the impact of its monetary policy on the economy and inflation. At closing bell, the benchmark S&P/ASX200 rose 66.51 points, or 0.97%, to 6,889.75. The broader All Ordinaries index added 77.85 points, or 1.11%, to 7,115.92. The top performing stocks in S&P/ASX200 index were ZIP CO and POINTSBET HOLDINGS, up 22.6% and 20.6% respectively. The worst performers of the session were ATLAS ARTERIA and COMPUTERSHARE, which fell 6.1% and 3.5%, respectively, at the close. Shares of materials and resources advanced, boosted by rebounding steel margins in China, with heavyweights BHP Group and Rio Tinto up 2.1% and 0.7%, respectively. Financial stocks mostly higher, with three of the so-called ?big Four? banks rising between 0.1% and 1%, while Australia and New Zealand Banking Group dropped 0.1%. Investment bank Macquarie Group rose 3% after posting a higher first-quarter profit. Powered by Capital Market – Live News