Australia Shares Rise 1.4%; AGL Gains on Upgraded Profit View -- Market Talk

Dow Jones05-07

0615 GMT - Australia's S&P/ASX 200 index closed up 1.4% at 7793.3, lifted by the central bank's messaging on interest rates and a brighter outlook from the country's biggest power generator. The RBA, which kept rates unchanged, again said it's not ruling anything in or out as it vies to tame inflation. AGL Energy rose 7.4% to A$10.01 after upgrading its annual profit view, partly due to strong power demand over summer in eastern states. ANZ rose 0.1% to A$28.79, even as some analysts predicted consensus profit downgrades following its 1H result. Banking peer NAB declined 1.5% to A$34.14 after trading ex-dividend. Sims fell 6.4% to A$11.06 on a weak trading update that RBC said could lead to the scrap-metal company reporting an annual loss. (david.winning@wsj.com; @dwinningWSJ)

 

(END) Dow Jones Newswires

May 07, 2024 02:15 ET (06:15 GMT)

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