Shares trim gains as bets narrow on interest rate hike
By Adrian Black
The ASX handed back some early gains after the release of new labour force data for June. -AAP Image
Australian shares have reversed most of the session's gains after hotter-than-expected jobs figures and energy supply worries heightened the odds of higher interest rates.
Hold tight - we’re checking permissions before loading more content
The S&P/ASX200 gained 16 points on Thursday, up 0.18 per cent, to 8,839, as the broader All Ordinaries rose 13.2 points, or 0.15 per cent, to 9,018.1.
The top-200 crumbled from a more than 100-point lead after June jobs numbers smashed expectations, prompting interest rate markets to tip another hike before year-end, which would take the cash rate to 4.6 per cent.
Mining stocks charged for a third session as copper and gold stocks rallied on stronger commodity prices, while oil clung to recent gains as Middle East fighting continued, stoking inflation fears.
The Australian dollar is buying 70.12 US cents, up from 69.95 US cents on Wednesday at 5pm AEST.
6°C