AU Evening Wrap: Australia Shares Slip Less Than 0.1%
Market Performance
Australia's $S&P/ASX 200 (.XJO.AU)$ closed less than 0.1% lower at 7848.1, giving back early gains after hawkish interest-rate comments from neighboring New Zealand's central bank. The benchmark index was 0.4% higher but fell away after the RBNZ warned that rates might stay higher than previously anticipated. The ASX 200 lost 3.6 points but is still up 0.4% so far this week. It is less than 50 points short of a record and on course for a fifth consecutive weekly gain.
Consumer, energy and telecommunications stocks finished lower, but the heavyweight financials and materials sectors both added 0.3%. Banks $Westpac Banking Corp (WBC.AU)$, $National Australia Bank Ltd (NAB.AU)$ and $ANZ Group Holdings Ltd (ANZ.AU)$ added between 0.2% and 1.1%.
Iron-ore miners $BHP Group Ltd (BHP.AU)$, $Fortescue Ltd (FMG.AU)$ and $Rio Tinto Ltd (RIO.AU)$ put on between 0.4% and 1.55%.
Top News
RBNZ Keeps Rates on Hold, Signals Prolonged Restrictive Policy
The Reserve Bank of New Zealand (RBNZ) has left its official cash rate unchanged at 5.50%, in line with economists' expectations. However, the bank's policy statement delivered a hawkish shock, as it signaled that interest rates might need to remain at restrictive levels for longer than expected due to stubborn inflation. The RBNZ expressed concern about domestic inflation pressures and capacity constraints within the economy, nudging higher its expected track for the OCR.
Webjet Considers Corporate and Consumer Demerger to Boost Growth
$Web Travel Group Ltd (WEB.AU)$ is contemplating separating its corporate and consumer businesses into separate listed entities to attract new investors and boost growth. The move is driven by the divergent growth opportunities of the two businesses, and the company believes that independent capital structures would enable them to pursue these opportunities more effectively.
Source: Dow Jones Newswires, AFR, ASX
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ces short : oh dear. $Telstra Group Ltd (TLS.AU)$