AU Evening Wrap: ASX Adds 0.2% as Softer Inflation Fuels RBA Rate Pause Bets
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• Australian shares erased early losses after data revealed that inflation slowed more than expected in February
• Top gainers: $Megaport Ltd (MP1.AU)$, $Whitehaven Coal Ltd (WHC.AU)$, $Qube Holdings Ltd (QUB.AU)$
• Top losers: $Deterra Royalties Ltd (DRR.AU)$, $Reliance Worldwide Corp Ltd (RWC.AU)$, $ALS Ltd (ALQ.AU)$
- moomoo News AU
Australian shares erased early losses after data revealed that inflation slowed more than expected in February, supporting the case for the Reserve Bank of Australia to keep rates on hold at next week's policy meeting.
The $S&P/ASX 200 (.XJO.AU)$ added 0.2 per cent, or 16.2 points, to 7050.3 on Wednesday, recovering from a 0.3 per cent drop at the opening bell.
Bank stocks declined after UBS said recent events in the US and Europe have lowered the confidence threshold of investors to hold lenders in their portfolios.
$Bendigo and Adelaide Bank Ltd (BEN.AU)$ dropped 3.1 per cent to $8.50, $National Australia Bank Ltd (NAB.AU)$ fell 2.2 per cent to $27.04, $Bank of Queensland Ltd (BOQ.AU)$ tumbled 1.7 per cent to $6.37 and $Suncorp Group Ltd (SUN.AU)$ declined 0.8 per cent to $11.94.
Lithium stocks extended their advance after $Liontown Resources Ltd (LTR.AU)$ revealed on Tuesday that it rejected a $5.5 billion takeover bid from global lithium giant Albemarle.
Liontown added another 0.8 per cent to $2.59 on Wednesday as Citi analysts said the company was worth $3 a share – much higher than the $2.50 offered by Albemarle.
$Allkem Ltd (AKE.AU)$ rose 3.5 per cent to $11.93 and $Pilbara Minerals Ltd (PLS.AU)$ firmed 2.3 per cent to $3.94.
Pilbara's board approved a plan to increase the annual production capacity at the Pilgangoora project by 47 per cent to 1 million tonnes of spodumene concentrate. Pilbara also appointed former Afterpay chief financial officer Luke Bortoli as CFO.
Iron ore prices were slightly stronger amid signs of tighter supply and a steady destocking of steel product inventories ahead of rising seasonal demand into China's peak construction period, according to NAB.
$BHP Group Ltd (BHP.AU)$ rose 1.4 per cent to $45, $Fortescue Ltd (FMG.AU)$ added 2.9 per cent to $21.16 and $Rio Tinto Ltd (RIO.AU)$ firmed 0.7 per cent to $115.18.
S&P/ASX 200 Movers for Wednesday (29/3)
How to find the above information in moomoo app:
1. Open moomoo app
2. Search for and tap on ".XJO"
3. Roll down to see "Constituent Stocks"
4. You can filter the list based on "%Chg"
2. Search for and tap on ".XJO"
3. Roll down to see "Constituent Stocks"
4. You can filter the list based on "%Chg"
10 Top-Traded AU Stocks for Wednesday (29/3)
How to find the above information in moomoo app:
1. Open moomoo app
2. Tap your finger on "Market" and "AU"
3. Roll down and tap on "Main Board"
4. You can filter the list based on "Turnover"
1. Open moomoo app
2. Tap your finger on "Market" and "AU"
3. Roll down and tap on "Main Board"
4. You can filter the list based on "Turnover"
Source: Dow Jones Newswires, The Market Herald
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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