Australian Shares Rise Ahead of Q3 Inflation Data Oct 24,...

Australian Shares Rise Ahead of Q3 Inflation Data

Oct 24, 202317:49 GMT+11

AMI+3.19%PPLT+7.14%XJO+0.19%
Australian shares ended their three-day losing streak on Tuesday, aided by gains in commodities stocks, ahead of the release of the country's third-quarter inflation data.
The S&P/ASX 200 climbed 12.80 points, or 0.2%, to 6,856.90.
Investors are awaiting the release of Q3 consumer price index numbers on Wednesday for clues on whether the Reserve Bank of Australia will lift rates in November. Estimates for Q3 CPI vary from 0.8% to 1.3%, according to Bloomberg. NAB expects CPI at 1.1%, while ANZ Research expects 1.2%.
Among the sectors on the Australian bourse, the miner-heavy materials counter jumped 0.9% and energy stocks rose 0.4%.
Meanwhile, Australian business activity in October reversed the return to growth posted the previous month as output declined amid lower new orders and a drop in confidence.
The Judo Bank Flash Australia Composite PMI Output Index retreated to 47.3 points in October from 51.5 in September. This was the lowest in 21 months and represented a solid monthly decline in activity.
In company news, Aurelia Metals AMI secured the mining lease for its Federation project from the Government of New South Wales. The miner's shares closed 3% higher Tuesday.
Plenti Group PPLT posted a year-over-year increase of 53% in revenue for the second quarter ended Sept. 30. Shares of the fintech lender jumped 7%.