Australian Shares Trade Higher, Industrials Lead Gains

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Australian Shares Trade Higher, Industrials Lead Gains
Credit: © Reuters.

By Oliver Gray 

Investing.com - The S&P/ASX 200 added 0.9% to 7,159.5 after the first hour of Wednesday’s trade, snapping two sessions of consecutive losses after Reserve Bank of Australia delivered an outsized rate hike of 50 basis points yesterday, dampening risk sentiment in a bid to quell hotter than expected inflation.

ASX 200 Futures were just 0.1% higher.

Industrials lifted 2.8% overall as Atlas Arteria (ASX: ALX ) surged 15.6% after confirming reports that IFM Investors purchased a 15% stake in the group. Reece Ltd (ASX: REH ) dipped 0.2%, Brambles Ltd (ASX: BXB ) gained 0.4% and Transurban Group (ASX: TCL ) added 2.4%.

Among stocks, Materials companies were boosted amid firming Iron ore prices. Rio Tinto Ltd (ASX: RIO ) added 2%, BHP Billiton Ltd (ASX: BHP ) gained 2.8%, Fortescue Metals Group Ltd (ASX: FMG ) lifted 1.2%, Champion Iron Ltd (ASX: CIA ) gained 3.8% while Arizona Lithium Ltd (ASX: AZL ) and Lake Resources NL (ASX: LKE ) lifted 4% and 2.1% respectively.

Financials were 1.3% lower collectively as Australia and New Zealand Banking Group Ltd (ASX: ANZ ) fell 1.2%, National Australia Bank Ltd (ASX: NAB ) lost 2%, Westpac Banking Corp (ASX: WBC ) dipped 2.9% and Commonwealth Bank Of Australia (ASX: CBA ) lost 1.5%.

On the bond markets, Australia 10-Year rates were at 3.529% while United States 10-Year yields were at 2.985%.

In New Zealand, the NZX 50 added 0.1% to 11,273.4.

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