Market Commentary - Foreign Markets
Australian stocks end moderately higher As on : 13-Aug-24  16:01

Australian stocks closed modestly higher, with miners and financials pacing the gainers.

The benchmark S&P/ASX 200 inched up 0.17 percent to 7,826.80, notching its third consecutive day of gains. The broader All Ordinaries index closed 0.17 percent higher at 8,042.20.

Orora shares soared 19.2 percent after the packaging group rejected a A$3.42 billion ($2.25 billion) takeover offer from U.S. private equity firm Lone Star Fund.

Sims surged 10.7 percent after it agreed to sell its U.K. metals business for '195 million ($249.50 million).

Australia's wage growth posted its slowest growth in a year in the June quarter, reflecting the gradual loosening of labor market, official data revealed on Tuesday.

Consumer confidence improved in August as the support from tax cuts and other fiscal measures became more apparent, a private survey showed today.

The wage price index climbed 0.8 percent sequentially, following a 0.9 percent rise in the first quarter, the Australian Bureau of Statistics reported. A similar slower growth was last seen in the second quarter of 2023. On a yearly basis, wage growth steadied at 4.1 percent.

The Westpac-Melbourne Institute Consumer Sentiment Index rose to 85 in August from 82.7 in July. Elsewhere, the NAB business confidence survey showed that the business conditions index improved to +6 in July. On the other hand, the business confidence index dropped to +1 point.

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