The lowdown
Australian shares ended the week with a fourth consecutive session of gains on the back of investor optimism that an end to interest rate hikes will soon be in sight.
Corporate Australia welcomed news that Michele Bullockwill become the first woman governor of the Reserve Bank from September, a decision widely believed to ensure continuity and stability in the central bank’s approach.
But it was the prospect of cooling global inflation and the possibility of fewer rate hikes that set the market humming on Friday – an idea that helped tech stocks to gains of 1.7 per cent for the session.
Forecasts for rate rises have changed significantly since last week,with the market now pricing in one more rise,which would bring the cash rate to a peak of 4.4 per cent.
ANZ analysts said on Friday they now expect the RBA to keep things paused at 4.1 per cent “for an extended period”.
The big four banks joined other blue-chip stocks with gains as the financial sector lifted by 0.7 per cent.
Consumer stocks also accelerated,though Treasury Wine Estates and Woolworths were among the few decliners for the session,with drops of more than 0.4 per cent each.
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“Given the lack of a detailed case for change from the dissident,pending legal procedures and the upcoming AGM in four months[where shareholders could reevaluate the situation],a vote AGAINST the dissident proposals is warranted at this time,” proxy advisory firm ISS said.
ISS told Bubs Australia shareholders that the group trying to spill the company’s board,led by ousted founder and chief executive Kristy Carr,hasn’t made a strong enough case to vote for new leadership.
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