The Australian sharemarket held steady on Wednesday, trading within a narrow range after Tuesday’s 1% rebound, as softer inflation data and a tentative Middle East ceasefire kept risk sentiment in check.
The S&P/ASX 200 dipped just 3.7 points to close at 8,559.2, with seven of 11 sectors closing lower.
The Financials sector leads gains. After the monthly consumer price index (CPI) report bolstered hopes for RBA rate cuts.
Commonwealth Bank hit a fresh record closing high, up 1.7% to $191.40, while Westpac added 0.7%, and ANZ added 1.8%.
Mining stocks weighed on the index as iron ore declined in Singapore. Rio Tinto slipped 0.6%, BHP lost 1%, and Fortescue dropped 2.3%.
Energy names also pulled back, with Woodside and Santos down 0.7% and 1.2%, respectively, while Ampol declined 1.7%.
DroneShield surged 19.9% after announcing an A$61.6 million European defence contract.
Virgin Australia gained 3.4% on day two of trading, while Greatland Gold edged 1.4% lower.
Pinnacle fell 3.7% after founder Ian Macoun offloaded shares worth $76.7 million
Star Entertainment rose 8% after shareholders approved control changes involving Bally’s and Bruce Mathieson.
Xero entered a trading halt pending its US$2.5 billion acquisition of New York-based Melio Payments.
On the bond markets, the Australian 10-year yield was lower at 4.121% and the 2-year fell to 3.2%.
