The ASX/S&P 200 closed just 7.7 points, or 0.1 per cent, higher at 7076.5, but is still hovering close to its lowest point in more than two months.
A midday rally in tech stocks helped the Australian sharemarket recover early China-related losses in materials sector to edge higher at the close of market.P 200 closed just 7.7 points, or 0.1 per cent, higher at 7076.5, but is still hovering close to its lowest point in more than two months. The All Ordinaries also gained 0.1 per cent.
“The RBA has given themselves optionality. They’ve reserved the right to increase if inflation proves difficult, which is appropriate and reminding people that inflation is yet to be vanquished.”On the benchmark index, the China-sensitive material was the worst-hit on the day after ratings agency SP cut the forecast for nation’s economic annual growth to 4.8 per cent, from 5.2 per cent, saying its fiscal and monetary easing remained limited.compared with a six-month-high of $US123.
Gains in tech stocks helped offset the heavier losses in materials, ending the day 1.9 per cent higher. WiseTech Global rose 1.5 per cent to $67.85, Xero jumped 2 per cent to $116.97 and Altium gained 1.7 per cent to $44.47.Tech was one of nine sectors to post gains at the start of the week, with communications stocks the only other sector to move more than 1 per cent higher.
another $80 million in customer improvement costs and an expected $200 million hit from rising fuel costs. Shares last traded at $5.23. New Zealand dairy giant Synlait Milk lifted 1.3 per cent to $1.19 after suffering a fiscal 2023 net loss of $NZ4.3 million , which was above market expectations. The results arrive amid worsening relations with dairy products manufacturer a2 Milk, which threatened to end a long-standing exclusivity agreement between the two companies last week.
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