The S&P/ASX 200 witnessed a modest increase of 0.2% on Wednesday, reaching approximately 8,554. This rise came after a brief pause in the previous session, with significant contributions from rallies in the mining and real estate sectors. The index was further bolstered by retail sales data for May, which showed a month-on-month increase of 0.2%, trailing the anticipated 0.4% rise. This development reinforced market speculation about a potential interest rate cut by the Reserve Bank of Australia in July. In addition, the lesser-than-expected increase in building permits sparked concerns over a potential cooling in the domestic economy.
On the corporate front, the mining sector experienced a notable uplift of 1.5%, following robust Chinese manufacturing data which propelled copper prices to a three-month peak. Key players such as BHP rose by 1.2%, Fortescue by 2.4%, and Rio Tinto by 0.9%. The real estate sector continued its upward trend, fueled by expectations of further monetary easing, which is anticipated to reduce financing costs and boost property demand.
Conversely, shares of the Australian pizza chain Domino’s plummeted by as much as 19% following the announcement of CEO Mark van Dyck’s departure.
