Australian shares rose 0.3 per cent at the open to extend Tuesday's gain of 1.4 per cent after the Reserve Bank kept interest rates on hold and signalled its next move in interest rates is data-dependent.
This morning asset manager Perpetual entered a trading halt amid speculation it's close to agreeing on a deal to sell its trustee and advice business to private equity group KKR.
"It's a sad day for value investors now the Perpetual brand is gone. The destruction in capital here will be taught as a case study for many years to come," said Rodney Forrest the portfolio manager at Sublime Funds Management.
"Businesses are eco-systems not numbers and so the distractions the investment team have had over 12 months would've been enormous. Now the distractions are gone, [head of equities] Vince Pezzullo and the investment team can accelerate."
Goodman Group shares added 0.4 per cent after it upgraded earnings per share growth guidance to 13 per cent in financial 2024.
In Australia, ANZ is sticking with a November rate cut from the Reserve Bank after the central bank left rates on hold on Tuesday.
Wall Street had a lacklustre session overnight, with the S&P 500 ending the day 0.1 per cent higher. The Dow edged up, while the Nasdaq slipped.
Investors continue to debate the outlook for US interest rates with hope for a pivot to cuts continuing to be challenged.
"After gaining ground over three consecutive days, US equities have lost momentum," said National Australia Bank's economics team. "US treasury yields extended their post- FOMC decline with the curve showing a bull flattening bias."
Stocks in focus
Perpetual is to be broken up, with its name sold to KKR, in a $1.5 billion deal. The transaction will give the private equity giant the rights to the 138-year-old brand and leave the ASX-listed group as a pure-play funds management business.
Flight Centre, Aussie Broadband, Domain and Jumbo Interactive have all confirmed guidance at the Macquarie equities conference.
Gold miner De Grey has flagged plans to raise $600 million.
Lithium explorer Leo Lithium has signed a deal to sell its stake in a Malian mine for $US342.7 million to Chinese explorer Ganfeng.

Sumber : afr.com