Shares lift as rate-sensitive stocks continue higher
The S&P/ASX200 has snapped a three-session losing streak as the local interest rate outlook softens. -AAP Image
Australia's stock market has snapped a three-session losing streak, creeping higher as interest rate-sensitive stocks rally on hopes the Reserve Bank is finished hiking rates, ballasting weakness in mining stocks.
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The S&P/ASX200 rose 49.1 points on Wednesday, up 0.57 per cent, to 8,653.3, as the broader All Ordinaries gained 32.2 points, or 0.36 per cent, to 8,857.
Interest rate-sensitive sectors such as consumer staples, discretionaries, real estates trusts, utilities and financials helped push the bourse higher for a second session after NAB economists tipped the Reserve Bank was done hiking interest rates.
Conversely, hotter-than-expected US economic data last week has narrowed bets the US Federal Reserve will have to raise borrowing costs, bolstering the greenback and dragging on metals prices and ASX-listed miners.
The Australian dollar is buying 70.19 US cents, down from 70.58 US cents on Tuesday at 5pm AEST.
