FILE PHOTO: A board displaying stock prices is adorned with the Australian Securities Exchange (ASX) logo in central Sydney, Australia, February 13, 2018. Picture taken February 13, 2018. REUTERS/David Gray/File Photo
AUSTRALIAN shares rose to an all-time high on Thursday, with most sectors trading in positive territory ahead of a long holiday weekend, as investors remained optimistic after cooling price pressures bolstered hopes of an interest rate cut.
The S&P/ASX 200 index rose 1% to 7,894.10 by 0044 GMT. The benchmark has risen 2.6% so far in March, heading for a fifth straight monthly gain, and is up nearly 3.8% so far in the quarter.
Data on Wednesday showed that Australian consumer price inflation held at a two-year low in February, contrary to expectations for a slight uptick, making a case for interest rates to be cut later in the year.
Meanwhile, data from the Australian Bureau of Statistics (ABS) showed that retail sales rose modestly in February as packed Taylor Swift concerts boosted spending.
Traders around the world were also looking out for the key personal consumption expenditures price report from the United States for more clues on the Federal Reserve policy path.
In Sydney, mining stocks gained as much 2.1%, hitting their highest level since March 5.
Heavyweights Rio Tinto, Fortescue and BHP Group climbed between 1.5% and 1.8%.
Gold stocks rose as much as 2.6% on the back of strong gold prices and hit their highest level in nearly three months.
Energy stocks jumped as much as 1.1% to touch the highest level since Feb. 12,
Financial stocks rose 0.4% and real estate stocks advanced 2.1%.
In New Zealand, the benchmark S&P/NZX 50 index fell 0.05% to 12,004.47.
A survey showed that consumer confidence fell in March, indicating pessimism among consumers after recent recession headlines.
Meanwhile, Reserve Bank of New Zealand Governor Adrian Orr said conditions that would allow the central bank to cut the official cash rate were becoming more apparent.
Australian and New Zealand markets will be closed on Friday for Good Friday. - Reuters
