The Australian sharemarket advanced for a fifth consecutive session on Wednesday, closing at two-week highs as local investors monitored the Federal Budget release and easing inflation data.
The ASX 200 added 56.5 points or 0.7%, to close at 7,999.0. Gains were broad-based, with 10 of 11 sectors finishing in positive territory.
Real estate investment trusts (A-REITs) saw notable gains, with Mirvac Group rising 0.9%, Goodman Group adding 1%, Charter Hall up 0.7%, and Stockland gaining 1%. Scentre Group surged 3.3%, leading the sector.
Consumer staples also performed strongly, with Woolworths and Coles advancing 1.7% and 1.5%, respectively.
Financial companies climbed 1.1% overall. Macquarie Group edged up 0.5%, while the major banks posted solid gains, with ANZ up 3%, NAB rising 0.7%, Westpac adding 1.2%, and Commonwealth Bank gaining 1.1%.
On the economic front, fresh data from the Australian Bureau of Statistics (ABS) showed that the Consumer Price Index (CPI) rose 2.4% in the 12 months to February, slightly below market expectations of 2.5%.
Among corporate developments, private clothing retailer Jeanswest announced plans to shut more than 90 stores, leading to hundreds of job losses.
In bond markets, yields edged higher, with the 10-year government bond rate rising to 4.483% and the 2-year yield increasing to 3.786%.
