Australian shares inch higher in Christmas holiday-shortened trading
The Australian share market has crept a little higher, building on the previous day’s rally as traders digest minutes from the Reserve Bank’s latest meeting.
Near noon AEDT on Tuesday, the benchmark S&P/ASX200 index was up 7.7 points, or 0.09 per cent, to 8,209.3, while the broader All Ordinaries was up 8.6 points, or 0.1 per cent, to 8,459.9.
Minutes released earlier from the RBA’s December 10-11 meeting showed the board remained concerned about inflation and believed it was too soon to conclude it was under control.
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By continuing you agree to our Terms and Privacy Policy.The board reiterated it had “minimal tolerance to accommodate a more prolonged period of high inflation than currently envisaged”, casting doubt on the chances for a February rate cut.
At midday, three of the ASX’s 11 sectors were lower, seven were higher and financials was basically flat.
Health care was the biggest mover, up 0.8 per cent as CSL added 1.0 per cent.
The big four banks were having a quiet day, all up between 0.1 and 0.3 per cent.
In the heavyweight mining sector, BHP and Rio Tinto were both down 0.9 per cent, while Fortescue was flat.
St Barbara had sunk 32.8 per cent to a six-month low of 20.5 cents after it announced authorities in Papua New Guinea had accused its subsidiary there of tax fraud and assessed it a tax bill of 523 million PNG Kina ($A210 million).
St Barbara said it took the allegations seriously and would vigorously defend them, having always used reputable tax advisors.
The ASX will finish trading early on Tuesday, at 2.10pm.
With just a handful of trading days left in 2024, the ASX200 at midday was up 8.1 per cent for the year, but down 2.7 per cent in December.
The Australian dollar was buying 62.35 US cents, from 62.58 US cents at Monday’s ASX close.
