Australian Shares on Track for Sixth Consecutive Gain as Rate Cut Hopes Rise

August 16, 2024 10:40 AM AEST | By Team Kalkine Media

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Australian Shares on Track for Sixth Consecutive Gain as Rate Cut Hopes Rise — Image source: Shutterstock

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Australian shares are poised for their sixth straight session of gains, driven by a broad market rally as investors increasingly bet on central banks cutting interest rates later this year. This optimism follows a positive performance on Wall Street, where retail sales data exceeded expectations.

"Equities rallied strongly, while bonds sold off as encouraging Japanese and UK GDP growth and solid US retail sales and initial claims data contradicted recent fears of recession," commented Australia & New Zealand Bank.

The S&P/ASX 200 s up 1.3% to 7,969 points, with the materials sector recovering some of its earlier losses in 2024, rising 2.1% today.

Domain Holdings Australia Ltd (ASX:DHG) has surged 6% following its earnings report, while rival REA Group Ltd (ASX:REA) has added 2.3%, reaching a record high of $213.07 per share.

Shares in ASX Ltd (ASX:ASX) have dipped 1.2% to $63.26 per share after the company reported an underlying profit slightly below last year’s figures, despite achieving record revenues.

National Australia Bank Ltd (ASX:NAB) has seen its shares rise 1.4% to $36.43 after posting a third-quarter profit that was broadly in line with market expectations.

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