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Miners record third session of losses
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Brambles closes at 6-month high
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Allkem hits highest level in a week
(Updates to close)
By John Biju
Feb 24 (Reuters) - Australian shares closed higher on
Friday as banks rallied, but the benchmark index still recorded
its third consecutive weekly loss as concerns on the trajectory
of monetary policy in Australia and the United States weighed on
sentiment.
The S&P/ASX 200 index rose 0.3% to 7,307.0 points,
snapping a three-day losing streak. For the week, the index shed
0.5%.
Australian shares, like its peers elsewhere, have been
volatile in recent weeks as investors struggle to gauge the
rate-hike trajectory from the Federal Reserve, with strong U.S.
economic data often being interpreted as a cue for more hikes.
"The implication (of the surprising strength in economic data) is that central banks keep raising rates beyond current market expectations and rates remain higher," said Kerry Craig, global market strategist at J.P Morgan.
Earlier this week, the Reserve Bank of Australia signalled that further hikes will be required in the coming months to tackle sticky inflation.
Among individual sectors and shares, financials closed up 0.6%. All "Big Four" lenders clocked gains. Technology stocks tracked their Wall Street peers to jump 2.4%. ASX-listed shares of Block Inc and Xero Ltd gained 5.9% and 1.6%, respectively.
Logistics firm Brambles Ltd raised its annual earnings outlook, as product price hikes overshadowed inflationary cost pressures, sending its shares up 7.5% in their best session in over nine months. The stock topped gains on the ASX200.
Mining stocks extended their losses to third straight day. However, lithium miner Allkem rose 3.7% after it reported a near eleven-fold jump in first-half profit.
Star Entertainment fell 8.6% after it completed its A$800 million ($545 million) capital raise to repay debt.
New Zealand's benchmark S&P/NZX 50 index climbed
0.15% to 11,905.75.
(Reporting by John Biju in Bengaluru; editing by Uttaresh.V)
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