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Highlights
The S&P/ASX 200 index rose notably, driven by softer-than-expected inflation readings for the March quarter. The benchmark closed higher, reflecting gains across several key sectors and supported by growing expectations of a rate reduction by the Reserve Bank of Australia. The S&P/ASX 200, ASX All Ordinaries, and ASX Small Ordinaries all recorded upward movement during the trading day.
Inflation data for the March quarter showed a trimmed mean outcome that remained aligned with institutional expectations. Headline inflation registered a slight increase on a quarterly basis, although annualised figures pointed to a broader slowdown. A notable contributor to the overall inflation rate was a sharp increase in electricity prices, which lifted the headline figure above the trimmed mean measure.
The data reinforced widespread views of a policy shift in the coming monetary meeting, with a reduction in the official cash rate appearing increasingly probable. Broader market sentiment responded positively, pushing the main ASX indexes higher for the session.
Consumer Discretionary Leads Market Gains
The consumer discretionary sector posted the strongest advance during the trading session. Gains in this sector reflected improved sentiment following the latest economic data, with multiple companies within the segment registering price increases. Over recent sessions, the sector has outperformed others, driven by optimism linked to changing interest rate expectations.
Other sectors also recorded gains, including financials and industrials. The financial sector recorded notable upward movement, while industrials also contributed to the broader index strength. Conversely, utilities, energy, and materials sectors experienced losses. Utilities led the declines, followed by weaker performances in energy and materials stocks.
IGO Rises Sharply, While LTR and PDN Decline
Among individual companies, IGO (ASX:IGO) experienced strong buying interest, ending the session higher. The company saw renewed momentum, aligning with positive sentiment in select segments of the resources space.
On the other hand, Liontown Resources (ASX:LTR) ended the session lower, recording one of the sharpest declines of the day. Paladin Energy (ASX:PDN) also closed in the red, adding to the underperformance within the energy segment.
Broader Market Movement and ASX Dividends
Over recent trading days, the broader S&P/ASX 200 index has shown gains, with the market moving higher across several sessions. While the index remains relatively unchanged from levels observed at the start of the year, recent upward momentum has lifted sentiment. The performance of dividend-yielding stocks remains a focal point, with many market participants tracking trends in ASX dividends in the context of shifting interest rate dynamics.
The recent economic data and movements across various sectors have contributed to renewed interest in Australian equities. Index levels continue to reflect a market adjusting to economic updates, policy shifts, and sector-specific developments.
