The Australian sharemarket closed higher on Wednesday, lifted by better-than-expected inflation data.
The ASX 200 finished 0.2% higher at 8,695.60 as eight of its 11 sectors climbed, with information technology leading gains.
Australia’s consumer price index (CIP) was up 3.4% in the 12 months to November, according to the Australian Bureau of Statistics, a decrease from 3.8% in October and below consensus estimates of 3.6%.
The trimmed mean inflation rate was 3.2% in November, falling from 3.3% and in line with estimates.
Housing approvals hit a four-year high in November, the ABS said in a separate release .
Energy sector stocks dropped 2.3% today with Beach Energy down 4.8% while Viva Energy lost 3.8% and Woodside Energy dipped 2.6%.
Materials stocks also continued yesterday’s gains, with Lynas Rare Earths shares up 15.2% and IperionX rising 8.5%. Rare earths stocks increased across the Asia-Pacific today after China banned exports of items with civilian and military uses to Japan, which includes some rare earth elements.
Australian two-year bond yields were unchanged at 4.071%, while 10-year yields were down 0.02% to 4.752%.
