AUSTRALIAN shares posted a record closing high on Thursday (Mar 28), with most heavyweight sectors logging strong gains, while investors globally looked forward to a keenly awaited US inflation report due later this week for more clues on interest rate cuts.
The S&P/ASX 200 index closed 1 per cent higher at 7,896.90. It rose 2.6 per cent in March, logging its fifth straight monthly gain.
Australia and New Zealand markets will be closed on Friday for a public holiday.
Markets globally were rangebound ahead of the US core personal consumption expenditures (PCE) price index reading for the fourth quarter due on Friday, which could provide further clues on the Federal Reserve’s potential interest rate cuts.
“A strong PCE print could have the potential to influence the Reserve Bank of Australia (RBA) if it was to beat by a large margin,” said Matthew Haupt, lead portfolio manager at Wilsons Asset Management.
Although, the scenario is an unlikely one and will probably have little impact on the RBA’s decision further, Haupt said.
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In Sydney, miners led the charge, rising 1.8 per cent to hit their highest level in more than a month. Mining behemoths Rio Tinto, BHP Group and Fortescue gained between 0.7 per cent and 2 per cent.
Gold miners advanced 2.5 per cent to end at their highest in nearly three months. Sector majors Northern Star Resources and Evolution Mining both climbed 1.7 per cent.
Property firms closed 1.7 per cent higher, hitting their highest in more than two years. Top firms like Dexus and Charter Hall rose 1.8 per cent and 0.8 per cent, respectively.
Rate-sensitive financials gained 0.4 per cent, with big banks such as Commonwealth Bank of Australia and Westpac Banking rising 0.3 per cent and 0.4 per cent, respectively.
New Zealand’s benchmark S&P/NZX 50 index rose 0.8 per cent to 12,105.29, its highest since Feb 17, 2023.
Financial services firm Heartland Group and polymer products maker Skellerup were among the top gainers on the benchmark, climbing 7.6 per cent and 5.9 per cent, respectively. REUTERS
