Australia Stocks End up Slightly as Key Inflation Data Looms
July 26 2016 - 2:14AM
Dow Jones News
By Rebecca Thurlow
SYDNEY--Australia's share market ended a fraction higher Tuesday
as investors awaited key inflation data that could determine
whether the Reserve Bank of Australia cuts official interest rates
further.
The S&P/ASX 200 closed up just 3.9 points, or 0.1%, at
5537.5, after spending most of the day in negative territory.
Taking its lead from weaker U.S. stock indices, the local bourse
started lower before edging up through much of the session.
Financial stocks and property trusts rose as attention turned to
inflation numbers due Wednesday. The data is expected to confirm
that a return to the Reserve Bank's desired inflation target band
of 2%-3% is still years away, giving the central bank a compelling
case to cut rates in August.
The four major banks all gained ground, led by ANZ, up 0.9%, and
National Australia Bank, up 0.7%.
Energy stocks fell as concerns about oversupply and weak demand
weighed on the oil price. Santos ended 2.4% lower, Oil Search 1.1%
and Woodside 0.8%.
Health-care companies also dragged on the index, giving up much
of Monday's gains. CSL fell 1.2% and ResMed 1.9%.
Woolworths, also retreated from highs set Monday. The retailer
rose Monday after announcing a restructure plan to help it battle
increased competition but analysts warned Tuesday it would take a
long time for management to turn the company around. The stock
ended down 3.3%.
Write to Rebecca Thurlow at rebecca.thurlow@wsj.com
(END) Dow Jones Newswires
July 26, 2016 02:59 ET (06:59 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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