The native share market has crept a bit increased in a uneven session, closing nonetheless at its highest stage in eight months.
The benchmark S&P/ASX200 index completed on Wednesday up 7.1 factors to 7393.4, whereas the All Ordinaries gained 11.9 factors, or 0.16 per cent, to 7609.5.
The market gyrated a bit within the afternoon when the Bank of Japan left rates of interest unchanged, confounding expectations it would loosen efforts to regulate the yield of its 10-year authorities bonds, an enormous financial stimulus program.
But finally the home market closed little modified for a second day in a row.
“It was a see-saw day,” mentioned Australian Stock Report non-public consumer adviser Ben Le Brun, who’s anticipating a correction after the market’s 6.5 per cent rally in simply 11 days.
“We began 2023 with a lot of optimism coming out of the gates, and that’s been great, but I’m willing to short-sell the optimism at this point,” he advised AAP.
“We’re just very surprised by the amount of strength and resilience that we’re seeing. At some stage, you’ve got to pay the piper, and that’s a bit of a house view.
“A wholesome correction-slash-pullback may be very possible.”
Tech shares were the biggest gainers on Wednesday, collectively climbing 1.7 per cent as Xero added 2.5 per cent and Wisetech Global rose 1.7 per cent.
In the heavyweight mining sector, BHP edged 0.1 per cent lower to $49.08, while Fortescue Metals gained 0.8 per cent to $22.20 and Rio Tinto grew 1.1 per cent to $121.99.
The big banks were also mixed, with CBA up 0.2 per cent to $107.65, but Westpac and ANZ both down 0.5 per cent, to $24.79 and $23.82 respectively. NAB was perfectly flat at $31.67.
CSL gained 0.8 per cent to $292.83 after a rebound in the US dollar, in which the blood products giant earns most of its revenue.
Two other healthcare companies were up after achieving positive cash flows in the December quarter.
Telix Pharmaceuticals rose 8.6 per cent to a one-week high of $7.07 after the radiopharmaceutical company announced it had achieved a milestone $76.8 million in US sales of its prostate cancer imaging agent, Illuccix.
Volpara Health Technologies meanwhile rose 12.1 per cent to a eight-month high of 79c as the Kiwi breast cancer detection company said it had achieved its first ever cashflow-positive quarter after winning some big software contracts.
In the energy sector, Ampol gained 2.2 per cent to a nearly three-month high of $29.32 after the petrol station owner announced its Lytton refiner margin was still above historical levels in the December quarter.
Redbubble slid 11.4 per cent to a three-month low of 50.5c after the print-on-demand online marketplace said it had been forced to increase promotional activity during the holidays, impacting profit margins.
“Looking forward, we anticipate shopper demand to stay difficult within the close to time period,” CEO Michael Ilczynski said, announcing the group would be reducing its workforce by 14 per cent in response and suspending a brand awareness project.
Qantas shares dipped in the afternoon as flight QF144 issued an emergency mayday call, but they closed up 0.5 per cent to $6.57 as the flight landed safely in Sydney.
Back in the mining sector, Nickel Industries was in a trading halt after announcing a $US471 million ($A676 million) capital raise to fund its acquisition of stakes in two nickel-producing assets from a Chinese company, Shanghai Decent Investment.
The Australian dollar was buying 69.99 US cents, from 69.66 US cents at Tuesday’s ASX close. Earlier in the afternoon it briefly reached as high as 70.05 cents, close to a six-month high.
Looking forward, Mr Le Brun said investors will be focused on US earnings season, with reports due this week from Procter & Gamble and Netflix.
ON THE ASX:
* The benchmark S&P/ASX200 index closed Wednesday up 7.1 points, or 0.1 per cent, to 7393.4.
* The broader All Ordinaries gained 11.9 points, or 0.16 per cent, to 7609.5.
CURRENCY SNAPSHOT:
One Australian greenback buys:
* 69.99 US cents, from 69.66 US cents at Tuesday’s ASX close
* 91.52 Japanese yen, from 89.62 Japanese yen
* 64.90 Euro cents, from 64.24 Euro cents
* 56.95 British pence, from 57.13 pence
* 108.44 NZ cents, from 108.86 NZ cents.
