Australia equities begin 2024 higher on expectations of a rate cut.


Upon the resumption of trading following the holiday break, Australian shares increased on Tuesday due to broad-based purchasing. Investors greeted the new year with the expectation that critical global central banks would initiate interest rate reductions in the coming months. Australia equities begin 2024 higher on expectations of a rate cut.

At 00:13 GMT, the S&P/ASX 200 index had increased 0.4% to 7,620.7.

On Friday, the benchmark fell 0.3%. Weebit Nano, Boss Energy, and Healius led the charge on the resource-intensive exchange with respective increases of 5.2%, 3.9%, and 2.9%.

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The ‘big four’ banks experienced 0.2% to 0.6% increases in rate-sensitive financials, which climbed 0.4%.

Heavyweight miners increased 0.1% on Friday due to increased iron ore prices. Rio Tinto and Fortescue, two mining behemoths, increased by 0.1% and 0.2%, respectively.

Energy equities are poised to record their most significant intraday percentage gain in two weeks, as they rose 0.9%.

Woodside Energy and Santos, both sector leaders, increased by 0.5% and 0.1%, respectively. Amidst a 0.8% increase in information technology firms, healthcare equities surged 0.6%.

In contrast, gold miners experienced a decline of 0.9%, mirroring a marginal reduction in bullion prices observed in the preceding trading day.

Leading gold miner Northern Star Resources experienced a decline of 0.7%, whereas Newmont Corporation’s ASX-listed shares declined by 0.8%. New Zealand markets were closed in observance of the holiday.