Australian shares inched higher on Wednesday as gains in mining and healthcare stocks helped offset losses in banks, while investors awaited key US inflation data for further cues on Federal Reserve’s interest rate hikes.
The S&P/ASX 200 index ended up 0.2% at 7,064.70, paring back some of its earlier losses.
The benchmark fell 1% on Tuesday. “The market is somewhat cautious ahead of tonight’s inflation report (coming) out of the United States,” said Steven Daghlian, market analyst at CommSec, adding it could determine the direction of the markets, particularly if there’s a surprise.
Financials led declines on the local bourse, dropping 1.1% to their lowest since March 14. National Australia Bank tumbled 3.9% after the lender started trading ex-dividend, while the other “Big Four” banks lost between 0.2% and 1.6%.
Energy stocks shed 0.1%, despite rising oil prices, with heavyweight Woodside Petroleum down 0.8%, while Santos rose 0.4%.
Biopharmaceutical firm CSL gained 2.1% to hit a near three-month high following a United States court ruling banning plasma donations by Mexican nationals entering the country on a B1/B2 visa.
Healthcare stocks recorded their best day in three weeks, up 1.7%.
Australian shares decline over 1% ahead of central bank meeting
The metals and mining index added 1%, snapping three straight days of losses on strong iron ore prices.
BHP Group , Rio Tinto and Fortescue Metals rose between 1.4% and 2.6%.
Among individual stocks, Graincorp retreated 1% even as the agribusiness firm reported an near five-fold jump in first-half profit.
In other news, data showed Australian consumer sentiment slid for a sixth straight month to a 21-month low in May.
In New Zealand, the benchmark S&P/NZX 50 index ended flat at 11,233.17.
Separately, Prime Minister Jacinda Ardern said the country will fully reopen its international borders from end-July.
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