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ASX200 snaps three day losing streak
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Star Entertainment extends losses, hits record low
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Sims tops gains on ASX-200
(Updates to close)
By Rishav Chatterjee
Feb 14 (Reuters) - Australian shares ended higher on
Tuesday, tracking overnight gains on Wall Street on expectations
of easing U.S. inflation, while a dip in commodity prices
dragged energy and mining stocks lower to limit overall gains.
The S&P/ASX 200 index rose about 0.2% to 7,430.9
points. The benchmark index did fell 0.2% on Monday.
Investors remain confident about key U.S. inflation data for January, due later in the day.
Analysts expect headline CPI to rise 0.5% in January, with the core number seen advancing 0.4%, compared with 0.3% in the previous month, according to a Reuters poll. "The local market is moving higher today following a positive lead from Wall Street, with investors believing they will see a seventh straight decline in U.S CPI," said Josh Gilbert, market analyst at eToro.
Topping gains on the local index was metals and electronics recycling firm Sims , which closed 6.8% after posting higher profit for the half-year.
Biotech giant CSL added 0.7% after a profit jump, driving the healthcare sub-index up 0.6%. Rare earths explorer Lynas said its Malaysian plant got its operating license renewed.
Building materials maker James Hardie Industries closed 4.1% lower after slashing its annual profit forecast for a third time.
Casino operator Star Entertainment extended losses and fell to yet another record low, a day after it had flagged an up to $1.1 bln hit to earnings. Online furniture retailer Temple & Webster saw its worst day in over five years after announcing weak first half results.
Financials , technology stocks and real estate stocks added between 0.2% and 1.3%. Energy and miners dragged on the benchmark, hurt by weaker commodity prices. Meanwhile, Woodside Energy said it expects a $4.4 billion indicative depreciation expense in 2023. Shares fell 1.3%.
New Zealand's benchmark S&P/NZX 50 index ended the
day almost flat at 12,074.47 points.
(Reporting by Rishav Chatterjee in Bengaluru; Editing by
Nivedita Bhattacharjee)
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