Australia stock market finished session modestly higher on Tuesday, 30 April 2024, extending yesterday gains on following the broadly positive cues from Wall Street overnight However, market gains capped as traders look ahead to the Federal Reserve's monetary policy meeting announcement as well as US Labor Department's closely watched monthly jobs report.
The Fed's two-day policy meeting would begin on Tuesday. An array of recent U.S. economic data reinforced expectations of rate cuts not happening before September. Traders are awiaitng for the post-meeting statement as well as Chair Jerome Powell's press conference which may give hints about interest rate moves to come.
At closing bell, the benchmark S&P/ASX200 index advanced 26.73 points, or 0.35%, to 7,664.10. The broader All Ordinaries index was up 25.39 points, or 0.32%, to 7,932.
Total 8 of 11 sectors ended higher along with the S&P/ASX 200 Index. A-REIT was the best performing sector, gaining +0.85%, followed by consumer discretionary (up 0.8%), healthcare (up 0.45%), financial (up 0.43%), and materials (up 0.4%), while industrial was bottom performer, falling 0.53%.
The best-performing stocks in S&P/ASX200 index were ARCADIUM LITHIUM PLC and IGO LIMITED, up 8.39% and 7.33% respectively. The bottom performing stocks in S&P/ASX200 index were WORLEY and MEGAPORT, down 7.48% and 4.26% respectively.
Shares in internet service and mobile phone provider TPG closed 3.4 per cent higher on the back of a landmark agreement Monday with telco Optus to triple the company?s national 4G and 5G coverage.
ECONOMIC NEWS: The Australian Bureau of Statistics said on Tuesday that the total value of retail sales in Australia was down a seasonally adjusted 0.4% on month at A$35.663 billion in March. On a yearly basis, retail sales rose 0.8%.
Meanwhile, the Reserve Bank of Australia said on Tuesday that Private sector credit in Australia was up 0.3% on month in March, down from 0.5% in February. On a yearly basis, credit gained 5.1%. Housing credit rose 0.4% on month and 4.3% on year, while personal credit gained 0.3% on month and 2.9% on year and business credit added 0.5% on month and 7% on year. Broad money was up 0.3% on month and 4.9% on year.
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