Australia’s share market has logged a second session of tentative gains after a US interest rate hike helped soothe global bond market jitters.
The S&P/ASX200 rose 35.9 points on Thursday, up 0.41 per cent, to 8,732.4, as the broader All Ordinaries gained 36.4 points, or 0.41 per cent, to 8,910.9.
Long-dated yields eased from multi-decade highs after the US Federal Reserve delivered its first interest rate hike in three years, showing it was serious about taming inflation and tempering fears about bond markets – the effective plumbing for the global financial system.
A rebound in the financials sector did some heavy lifting as seven of 11 local sectors traded lower, while energy stocks and non-energy miners slumped as oil, iron ore and gold prices eased since Wednesday.
The Australian dollar is buying 71.08 US cents, down from 71.31 US cents on Wednesday at 5pm.
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