Banks and consumer discretionary companies weighed down the Australian sharemarket on Thursday, offsetting a rally in bellwether mining stocks, to leave the overall market flat. Myer shares gained afterThe S&P/ASX 200 Index slipped 15.8 points, or 0.2 per cent, to 7713.6 at the close following a choppy finish on Wall Street overnight. Five out of the 11 sectors were trading in negative territory.
Myer shares jumped 7.6 per cent after the department store chain announced that former high-ranking Qantas executive Olivia Wirth would be its new chief executive and executive chair. Consumer discretionary companies and communication services were also weaker, as enterprise software firm real estate advertiser REA Group declined 4.2 per cent and Aristocrat Leisure lost 2 per cent.MLC Asset Management portfolio manager Anthony Golowenko said optimism was moderating in markets amid an unwinding of expectations about rapid fire interest rate cuts, with the big banks taking the brunt of the swing in sentiment on Thursday.
Oil prices have been on a general upswing so far this year, keeping inflation higher than economists expected. That trend has dashed Wall Street’s hopes that the Federal Reserve could start offering relief at its meeting next week by cutting interest rates.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: brisbanetimes - 🏆 13. / 67 Read more »
Source: brisbanetimes - 🏆 13. / 67 Read more »