Aussie shares near all-time high after inflation cools
At lunchtime on Wednesday, the benchmark S&P/ASX200 index index was up 59.8 points, or 0.69 per cent, to 8,764.4, a level just 12 points away from its all-time high set two weeks ago.
The broader All Ordinaries had gained 56.1 points, or 0.63 per cent, to 9,022.8.
The ASX200 was already in the green but rose another 36 points in the hour after the Australian Bureau of Statistics released its June quarter consumer price index readout.
That report showed that the RBA's preferred inflation metric, trimmed mean inflation, was 2.7 per cent in the year to June 30, in line with expectations but down from 2.9 per cent in the year to March 31.
Headline inflation came in at 2.1 per cent, slightly under expectations of 2.2 per cent.
Betashares chief economist David Bassanese, one of just a few economists who correctly predicted that the RBA wouldn't cut rates this month, said that an August rate cut was now a "done deal".
He predicted further cuts in November and February.
Eight of the ASX's 11 sectors were higher at midday, with utilities flat and energy and tech slightly lower.
The heavyweight financial sector was the biggest mover, rising 1.0 per cent, with gains for all the big four banks.
CBA had advanced 1.7 per cent, Westpac had climbed 1.3 per cent, NAB had added 1.0 per cent and ANZ had grown 0.7 per cent.
In the mining sector, West African Resources had advanced 5.7 per cent after reporting its Kiaka goldmine in Burkina Faso was ramping up to full commercial operations after pouring its first gold on June 26.
Lithium miner Pilbara and nickel, copper and cobalt miner IGO were going in opposite directions after releasing their own quarterly updates, with the former rising 5.2 per cent and the latter dropping 7.1 per cent.
Mineral Resources, which likewise released quarterly figures, was up 2.9 per cent.
Elsewhere in the sector, BHP had dipped 0.2 per cent and Rio Tinto had dropped 0.5 per cent, while Fortescue had grown 0.8 per cent.
The Australian dollar was buying 65.19 US cents, from 65.25 US cents at 5pm on Tuesday.
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