May 8, 2024 at 6:29 am GMT
- ASX 200 benchmark extends five-day winning streak
- Financials log five days of consecutive wins
- Perpetual top loser on ASX 200
By Sneha Kumar
(Reuters) -Australian shares ended unchanged on Wednesday as local stocks pared gains after adding 1.4% on Tuesday as the Reserve Bank kept interest rates on hold and signalled inflation was still high, while fund manager Perpetual plunged 7% after private equity firm KKR said it would buy two of its units.
The S&P/ASX 200 benchmark index . AXJO closed 0.1% higher at 7,804.5 points, extending winning streak to five days. The benchmark rose 1.4% on Tuesday.
"There is some profit taking happening on the market following Tuesday's solid gains (including in financials)," Tim Waterer, chief market analyst at KCM Trade said.
The Reserve Bank of Australia's decision to hold cash rate at the "right level" of 4.35% boosted investor sentiments but concerns remained on the timeline for inflation to reach the target of 2%-3%.
After the upside CPI surprise in first quarter, a future rate hike can't be ruled out given the non-linear nature of inflation, Waterer added.
Financial services firm Perpetual PPT.AX said that buyout giant KKR & Co KKR.N would acquire its wealth management and corporate trust businesses for A$2.18 billion ($1.43 billion). The Australian financial services firm's shares hit a five-month low on Wednesday.
On a five-day winning streak, rate-sensitive financials . AXFJ inched 0.2% higher with the country's top lender Commonwealth Bank of Australia CBA.AX gaining 0.3%.
Meanwhile, fellow rate-dependent real estate stocks . AXRE extended gains to a fifth session to end 0.5% higher at one-month high.
Mirvac Group MGR.AX gained 0.5% while Dexus DXS.AX climbed 0.7%.
Behemoth miners . AXMM retreated 0.2%, snapping a four-day winning streak as iron ore futures slipped on high inventories at Chinese ports. IRONORE/
Giants BHP Group BHP.AX, Rio Tinto RIO.AX and Fortescue FMG.AX all ended lower in the session.
Snapping a three-day winning streak, energy stocks . AXEJ edged lower while gold stocks . AXGD added 0.1%.
Losing for the third straight day, New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.2% to 11,782.89 points.
($1 = 1.5216 Australian dollars)
Reporting by Sneha Kumar in Bengaluru; Editing by Nivedita Bhattacharjee
Sumber : Reuters
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