AU Evening Wrap: Australia Shares Rise 0.9%, Near Record Close with Broad Sector Gains
Market Performance
Australia's $S&P/ASX 200(.XJO.AU$ concluded the trading session up by 0.9% at 7889.6, teetering on the brink of an all-time high. The uplift was felt across all 11 sectors, drawing on the bullish sentiment from U.S. markets, where the major indices each climbed over 1% on the back of optimism that the Federal Reserve might consider reducing interest rates soon.
Notably, the mining sector saw an uptick, with key players in gold, lithium, and iron ore experiencing gains. Specifically, industry giants $BHP Group Ltd(BHP.AU$, $Rio Tinto Ltd(RIO.AU$, and $Fortescue Ltd(FMG.AU$ saw their shares ascend by margins ranging from 0.2% to 1.9%. Banking counterparts, including $Westpac Banking Corp(WBC.AU$, $National Australia Bank Ltd(NAB.AU$, and $CommBank(CBA.AU$, also enjoyed growth, with share prices increasing between 0.4% and 1.1%. Commonwealth Bank notably ended the day at a new record high.
Progressing through the week, the ASX 200 has advanced 0.9%, now a mere 7.3 points shy of its peak closing level of 7896.9, recorded on March 28. The market's overall trajectory points to a robust performance, reflective of heightened investor confidence and a positive outlook for interest rate developments.
Top News
Australian Regulatory Body Initiates Legal Action Against The Good Guys for Alleged Consumer Deception
The Australian Competition and Consumer Commission (ACCC) has initiated legal proceedings in the Federal Court against The Good Guys Discount Warehouse, a subsidiary of JB Hi-Fi, for purportedly deceiving customers with their 'StoreCash' promotions and for not providing store credit to consumers who were entitled to it. This enforcement action was detailed in a statement released by the ACCC on Thursday.
According to the ACCC's allegations, The Good Guys, a notable retailer in the electrical and home appliance sector in Australia, had promoted a campaign that offered customers store credit upon purchasing select items from July 2019 to August 2023. The crux of the ACCC's case is that the customers were required to subscribe to marketing communications to claim their credit, which the Commission claims is in violation of Australian consumer law, as articulated in the statement.
Source: Dow Jones Newswires, AFR, ASX
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