The S&P/ASX 200 Index rose 0.4 per cent to 7530.1 points. Boral surged 13 per cent to $3.97 and Suncorp 5 per cent to $13.04.
underscored “inflationary pressures and natural hazard costs driving price increases”. The general insurer reported a 63 per cent rise in cash profit for the December half to $588 million. The stock rose almost 5 per cent to $13.04.P/ASX 200 Index added 0.4 per cent to 7530.1 points; the All Ordinaries rose by the same margin to 7740.5 points.Elders’ shares fell 5.9 per cent to $8.
Iron ore traded in Singapore fell 0.2 per cent to $US120.75 a tonne on the March futures contract. West Texas Intermediate rose 0.3 per cent to $US77.33 a barrel and Brent crude less than 0.1 per cent to $US83.75 a barrel. Fortescue Metals Group shares rose 2 per cent to $22.48 after it signed a convention for the Belinga iron ore project with the government of Gabon with first mining planned for July-December. The $US200 million investment is expected to open opportunities for Fortescue Metals and Fortescue Future Industries throughout Africa.
Australian government bond yields climbed more than 20 basis points in just three sessions after the RBA on Tuesday said more interest rate increases would be necessary to rein in high inflation, quashing hopes of a looming policy pause.The return on three-year bonds jumped 24 basis points to 3.27 per cent on Wednesday, while the 10-year rate advanced 20 basis points to 3.63 per cent.
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