Australian shares ended higher on Thursday, recovering from an early dip as United States President Donald Trump signalled progress on a trade deal, while traders continued to price in interest rate cuts by the U.S. Federal Reserve as early as July.
The benchmark S&P/ASX 200 index rose 13.40 points, or 0.2%, to close at 8,191.7, with gains in eight of the 11 sectors.
Defensive sectors such as industrials and utilities led the advance, with Reece adding 2.4%, Brambles up 0.9%, and Computershare up 3.1%.
Transurban rose 1.7% after unveiling plans to cut around 300 jobs following an internal review aimed at improving efficiency.
Utility companies Origin Energy and AGL Energy also posted gains of 1.7% and 2%, respectively.
In contrast, the major banks came under pressure, with ANZ down 1.9% after reporting flat year-on-year profit and a net interest margin that missed analyst forecasts.
Westpac lost 4.1%, and Commonwealth Bank eased 0.3%. National Australia Bank was the only major bank to rise, gaining 1.4%.
Among individual names, explosives and chemicals group Orica soared 7.4% after reporting jump in net profit after tax to A$250.8 million, a 40% increase from the prior corresponding period.
Light & Wonder fell 8.4% as the gaming technology firm flagged near-term cost pressures linked to White House trade policy, though it maintained its full-year earnings forecast.
Guzman y Gomez rebounded 3.7% as the Mexican fast food chain told investors at the Macquarie conference it expects to exceed full-year profit guidance.
On the bond markets, yields moved higher. The 10-year Australian government bond yield rose 0.7% to 4.252%, while the 2-year yield climbed 1.2% to 3.34%.
