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AU Evening Wrap: ASX 200 Gains; Tech and Consumer Surge, Lithium Dips

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Moomoo News AU wrote a column · Jul 29 02:51
Market Performance
Australia's $S&P/ASX 200 (.XJO.AU)$ closed 0.9% higher at 7989.6, driven by broad-based gains as investors anticipate the midweek release of key inflation data. All 11 sectors finished in positive territory, following a strong lead from U.S. equities at the end of last week.
The tech sector, the smallest by market capitalization, led the way with a 1.5% rise. Companies like $Xero Ltd (XRO.AU)$, $Nextdc Ltd (NXT.AU)$, and $WiseTech Global Ltd (WTC.AU)$ saw gains between 1.2% and 2.2%. Major banks $National Australia Bank Ltd (NAB.AU)$, $CommBank (CBA.AU)$, and $Westpac Banking Corp (WBC.AU)$ added between 1.3% and 1.4%, with Commonwealth closing at a record high. However, rival lender $ANZ Group Holdings Ltd (ANZ.AU)$ slipped 1.2% due to an investigation into trading and conduct issues in its local markets business. Economists view the June-quarter CPI data, set for release on Wednesday, as a crucial indicator for the direction of the next move in local interest rates.
Source: ASX
Source: ASX
AU Evening Wrap: ASX 200 Gains; Tech and Consumer Surge, Lithium Dips
AU Evening Wrap: ASX 200 Gains; Tech and Consumer Surge, Lithium Dips
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The Rising Prices Are Creating a Significant Dilemma for the RBA
Higher inflation in sectors like education, healthcare, and insurance—areas where interest rates have little impact—will compel the Reserve Bank of Australia to exert more pressure on the prices of other items to achieve an average inflation rate of 2.5 percent.
Research by ANZ indicates that goods and services with price increases tied to previously higher inflation rates, often regulated by governments, have experienced substantial price rises since late last year.
Pacific Smiles Group Rises on Revised Acquisition Proposal
Pacific Smiles Group's stock increased by 1.9% to $1.88 after receiving a revised acquisition proposal from Genesis Capital, offering $1.90 per share. The proposal allows shareholders the option to receive consideration in scrip.
Adore Beauty Shares Rebound After CEO Appointment
Adore Beauty's stock rose by 3.2% to $1.88 after initially dropping following the announcement of Sacha Laing, former General Pants CEO, as its new CEO. Laing has also held executive positions at Country Road and David Jones.
Source: Dow Jones Newswires, AFR, ASX
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