Australian equities extend gains as ASX 200 rises 0.5% in early trade

  • The S&P/ASX 200 rose 43 points, or 0.5%, to 8,739 in early Thursday trading after gaining 0.3% Wednesday.
  • The index closed at 8,697 Wednesday, while Thursday’s early advance was led by financial, technology and manufacturing shares.
  • Governor Michele Bullock is scheduled to testify before Parliament on Friday as investors assess inflation and monetary policy.

The S&P/ASX 200 rose 43 points, or 0.5%, to 8,739 in early Thursday trading, extending its 24-point, or 0.3%, gain to 8,697 at Wednesday’s close. A rebound in U.S. stock futures supported sentiment after an overnight Wall Street retreat, while investors continued bargain hunting after the Australian market reached a near ten-week low. Traders were also assessing sticky inflation, the likelihood of another Reserve Bank move later this month and mixed August data from China, which raised hopes for fresh Beijing stimulus. Financial, technology and manufacturing stocks led Thursday’s early advance, while healthcare and resources declined; major banks and several insurers gained, but Woodside Energy and Santos fell. Reserve Bank Governor Michele Bullock is scheduled to testify before Parliament on Friday.

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