Investors found it difficult to make meaning of this morning's CPI data. Many hoped for a low figure to convince the Reserve Bank to cut interest rates, but whether it was low enough will remain unknown until Tuesday, when the board meets.
Here's a quick recap:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) flat at 5539 points
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) flat at 5615 points
- AUD/USD at US 74.87 cents
- Iron Ore at US$58.08 a tonne, according to the Metal Bulletin
- Gold at US$1,319.27 an ounce
- Brent oil at US$44.79 a barrel
The market chopped and changed today, but ultimately ended the session marginally higher.
The miners were the most vibrant, led by Fortescue Metals Group Limited (ASX: FMG). Its shares soared 7%, while BHP Billiton Limited (ASX: BHP) gained 3.1%.
The gold miners were generally strong as well. Newcrest Mining Limited (ASX: NCM) recovered 3.1% after a rise in the gold price, and Beadell Resources Ltd (ASX: BDR) lifted 7.3%.
The banks mostly traded flat for the day. Westpac Banking Corp (ASX: WBC) was the biggest mover, rising an uninspiring 0.2%.
Medibank Private Ltd (ASX: MPL) was another blue-chip that ended the day in the red, losing 2.2%. Graincorp Ltd (ASX: GNC) lost 5.7% as well, while SAI Global Limited (ASX: SAI) slipped 5.3%.
Things were brighter for iSentia Group Ltd (ASX: ISD) and Programmed Maintenance Services Limited (ASX: PRG). The pair rose 3.6% and 14.4%, respectively.
Here are Wednesday's top stories:
- Fortescue Metals Group Limited shares go nuts on improved forecasts
- Does the 2016 Lithium Boom Have More Battery Power?
- Chart: The 5 ways Telstra Corporation Ltd makes money
- The Bear case for SEEK Limited?
- Chart: How Qantas Airways Limited makes and spends its cash
- Yowie Group Ltd plunges – is it a buying opportunity?
- Why iCar Asia Ltd shares tumbled on its quarterly update
