Australian shares rose to a record high on Friday as markets shrugged off the results of the US Federal Reserve’s preferred inflation gauge.
The S&P/ASX 200 Index rose 46.90 points, or 0.6%, to 7,745.60.
“Financial markets shrugged off the US PCE deflator data overnight,” according to Brian Martin and Daniel Hynes, analysts at ANZ Research. “The 0.4% [month-on-month] rise in the core index was in line with expectations so little attention was paid to the 0.6% [month-on-month] rise in the supercore measure.”
On the domestic front, Australia’s manufacturing sector deteriorated in February, with the headline seasonally adjusted Judo Bank Australia Manufacturing Purchasing Manager’s Index sinking to 47.8 from the previous month’s 50.1, owing to a decline in output and volumes of outstanding business in the month.
In company news, Life360 360 reported that its 2023 loss per share narrowed to $0.42, compared with the prior year’s $1.50. Shares of the technology company surged 38% Friday.
Acrow AACF acquired Benchmark Scaffolding for AU$9.0 million, with the potential of further earn-outs based on improved EBITDA results in the first two full years of trading. Shares of the smart integrated construction systems provider rose 5%.
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