Australia Shares end higher

13 Jul 2022 , 04:38 PM

Australian share market finished session modestly higher on Wednesday, 13 July 2022, as a wait-and-see mood strengthened ahead of the release of the U.S. consumer price index for June later in global day. At closing bell, the benchmark S&P/ASX200 advanced 15.27 points, or 0.23%, to 6,621.56. The broader All Ordinaries index added 21.01 points, or 0.31%, to 6,807.85. Investors kept close eye for the US inflation figures that will be release later on Wednesday. If the figure is higher, the US Federal Reserve will be forced to make more aggressive moves in its monetary policy that could lower liquidity in markets. Rate-sensitive financial stocks advanced, with the Commonwealth Bank of Australia, National Australia Bank, and Westpac Banking gained between 0.3% and 1.1%, while Australia and New Zealand Banking Group lost 1.2%. Mining stocks dropped as iron ore prices fell due to demand concerns in top steel producer China, where unfavourable weather in several cities and COVID-19 curbs persist. Sector majors BHP and Rio Tinto Rio Tinto shed 1.4% each, while Fortescue Metals rose 0.6%. Energy stocks declined in line with weakness in crude oil prices. Woodside Energy and Santos retreated 2.9% and 1.3%, respectively. Powered by Capital Market – Live News