News Column

Australia : Shares up as data points to no interest rate rise

September 1, 2014

Australian shares posted modest gains on Monday, with financial and resources stocks pulling up the benchmark index as investors took a positive lead from Wall St and soft economic data fed expectations that interest rates will stay low indefinitely.

As investors digested a mixed earnings season in the past two weeks, a gauge of Australian price pressures showed consumer price inflation at its lowest in seven months in August, adding to predictions of no rate rise when the central bank board meets on Tuesday.

New figures from the Australian Bureau of Statistics showed Australian companies posted a 6.9 per cent fall in gross profit for the second quarter, adding to long term rates forecasts.

The benchmark S&P ASX 200 index was up 0.3 per cent or 18.11 points at 5644.00 points, within eight points of the record high it reached on Aug 27.

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Source: TendersInfo (India)

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