Thanks afternoon crew.
End-of-day summary:
The share market closed near a three-month high as rate-sensitive stocks responded to dovish comments today from RBA Governor Michele Bullock.
Tech and consumer stocks led as the ASX 200 rallied 36 points or 0.5% to 7235. Ten of eleven sectors advanced. The materials sector finished flat.
Buying interest was boosted by comments this morning from central bank chief Bullock, who rejected a suggestion the bank's efforts to date to tame inflation fell short of overseas peers. "I don't think we're falling behind at all," Bullock said.
The Emerging Companies Index bucked the positive trend, sinking1%. The speculative end of the market has significantly under-performed the top end in recent weeks. While the ASX 200 has bounced 6.7% since November 1, the Emerging Companies index has gained a mere 2.3%. The performance gap between the two indices suggests risk appetite has yet to recover from the hangover that followed the frenetic Covid lockdown bull market.
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Thanks afternoon crew. End-of-day summary: The share market...
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