World News

Australian Shares Reach Record High Before Closing Lower

The Australian share market closed slightly lower despite an initial push into record territory following the release of dovish Reserve Bank minutes.

The S&P/ASX200 index hit a record intraday high of 7,910.5 on April 2 but ended down 8.9 points at 7,887.9, a 0.11 percent drop from the previous close. The All Ordinaries fell 7.9 points to 8,145.8.

Traders analyzed the RBA minutes, noting a lack of discussions about raising rates at the March meeting, marking a shift in tone. Economist Gareth Aird described the minutes as the most dovish since the RBA’s tightening cycle began in May 2022.

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An Israeli air strike in Damascus led to concerns about escalating conflict, causing oil prices to rise. Despite this, ASX sectors saw mixed results, with Materials experiencing gains. Gold miners and uranium companies were top gainers as gold prices surged to record highs.

Uranium miners in the energy sector also performed well, while finance and consumer discretionary sectors showed varied performance. Health care company Mesoblast saw a significant increase following positive news.

On The ASX

* The S&P/ASX200 index closed 0.11 percent lower at 7,887.9

* The All Ordinaries dropped 0.1 percent to 8,145.8

Currency Snapshot

One Australian dollar buys:

* 64.90 US cents

* 98.48 Japanese yen

* 60.47 Euro cents

* 51.74 British pence

* 109.12 NZ cents

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