Australian Shares Rebound Despite RBA Governor Reinforcing Decision to Keep Rates Steady

MT Newswires Live09-05

Australian shares rebounded on Thursday despite Reserve Bank of Australia Governor Michele Bullock reinforcing the central bank's August decision to keep the cash rate unchanged at 4.35%.

The S&P/ASX 200 Index rose 31.90 points, or 0.4%, to 7,982.40.

In her speech at the Anika Foundation Fundraising Lunch in Sydney, Bullock said that while inflation has fallen significantly since its peak, it is still too high above the 2% to 3% target range.

Underinflation was at 3.9% in June as the RBA tried to pare back inflation and preserve gains in the labor market, with the August forecast showing inflation is expected to hit the RBA's target by end-2025 and reach a midpoint in 2026, she noted.

Meanwhile, Australia's trade surplus on goods widened to AU$6.01 billion in July from AU$5.43 billion in June.

In company news, shares of NEXTDC (ASX:NXT) and Infratil (ASX:IFT) respectively rose 8% and 4% on Thursday on the heels of Macquarie Group's (ASX:MAQ) announcement that it will sell AirTrunk to private capital giant Blackstone.

Challenger (ASX:CGF) shares fell 11% as the investment manager said in a same-day filing with the Australian bourse that New York-listed Apollo Global Management has sold down its stake.

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