After a shaky start, the Australian share market managed to keep above the waterline after staging a comeback in the afternoon and snapping out of a three-day bear run.
The benchmark S&P/ASX 200 index rose +13.5 points, or +0.19%, to 7,064.7, while the All Ordinaries gained +19.2 points, or +0.26%, to 7,304.4, while our local currency, the Australian dollar, is currently buying US$0.7004.
Healthcare, Real Estate, and Materials offset losses from Financials, Information Technology and Energy on the sectoral front.
Nanosonics led the healthcare sector after rising +5.4% to $3.72, with Polynovo climbing +4.7% to $1.12.
The index’s Financials weighed on the market after dropping by -1.1%, weighed down by NAB, which traded ex-dividend. The bank’s shares slid by -3.9% to $30.53.
The “Fab Four” banks tumbled Wednesday, with the Commonwealth Bank sliding -0.2% to $101.51, Westpac fell -1.6% to $24.25, ANZ dropped -1.5% to $25.40, while Macquarie Group, which rose +1.2% to $182.12.
Titans, Rio Tinto led the miners higher after rising +2.6% to $105.64, with Fortescue Metals Group adding +2.3% to $19.55 and BHP gaining +1.4% to $45.66.
Energy stocks were mixed, with Woodside Petroleum dropping -0.8% to $30.53, while Beach Energy added +2.2% to $1.65, and Santos closed +0.4% higher at $7.97.
The U.S. Bureau of Labor Statistics will release the April Consumer Price Index (CPI) data on Wednesday, May 11 at 10:30 pm Sydney time, which is expected to show that inflation may have peaked, which could temporarily soothe global markets if confirmed.
According to forecasts, the (U.S. CPI) report is expected to show headline inflation rose 0.2% in April, while the forecast is at 8.1% year-over-year.
That compares with a whopping 1.2% increase in March, or an 8.5% gain year-over-year.
The Core U.S. CPI is expected to rise 0.4% or 6% year over year, which compares with 0.3% in March or 6.5% on an annualised basis.