ASX200 snaps three day losing streak
Star Entertainment extends losses, hits record low
Sims tops gains on ASX-200
(Updates to close)
Australian shares ended higher on Tuesday, tracking overnight gains on Wall Street on expectations of easing U.S. inflation, while a dip in commodity prices dragged energy and mining stocks lower to limit overall gains.
The S&P/ASX 200 index (xjo) rose about 0.2% to 7,430.9 points. The benchmark index did fell 0.2% on Monday.
Investors remain confident about key U.S. inflation data for January, due later in the day.
Analysts expect headline CPI to rise 0.5% in January, with the core number seen advancing 0.4%, compared with 0.3% in the previous month, according to a Reuters poll.
"The local market is moving higher today following a positive lead from Wall Street, with investors believing they will see a seventh straight decline in U.S CPI," said Josh Gilbert, market analyst at eToro.
Topping gains on the local index was metals and electronics recycling firm Sims (SGM) , which closed 6.8% after posting higher profit for the half-year.
Biotech giant CSL (CSL) added 0.7% after a profit jump, driving the healthcare .AXHJ sub-index up 0.6%.
Rare earths explorer Lynas (LYC) said its Malaysian plant got its operating license renewed.
Building materials maker James Hardie Industries (JHX) closed 4.1% lower after slashing its annual profit forecast for a third time.
Casino operator Star Entertainment (SGR) extended losses and fell to yet another record low, a day after it had flagged an up to $1.1 bln hit to earnings.
Online furniture retailer Temple & Webster (TPW) saw its worst day in over five years after announcing weak first half results.
Financials .AXFJ , technology stocks .AXIJ and real estate stocks .AXRE added between 0.2% and 1.3%. Energy .AXEJ and miners .AXMM dragged on the benchmark, hurt by weaker commodity prices.
Meanwhile, Woodside Energy (WDS) said it expects a $4.4 billion indicative depreciation expense in 2023. Shares fell 1.3%.
New Zealand's benchmark S&P/NZX 50 index (nz50) ended the day almost flat at 12,074.47 points.
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