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AUSTRALIA’S share market is tracking towards a positive week, as resurgent bank stocks and an easing oil price outweigh soft results from the retail sector.
The S&P/ASX200 gained 44.5 points on Thursday, up 0.5 per cent, to 8891.5, as the broader All Ordinaries advanced 41.2 points, or 0.46 per cent, to 9012.6.
The bourse's positive move shrugged off Wednesday's hotter-than-expected inflation data, with investors rotating into financials, real estate, and utilities, Global X ETFs strategy analyst Joseph Marassa said.
"Consumer discretionary was the weak spot, now close to 10 per cent lower year-to-date as higher interest rates weigh on household spending," he said.
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"Wesfarmers, JB Hi-Fi, and Super Retail Group all flagged slower sales growth, and with markets pricing a near 80 per cent chance of an RBA rate hike on Melbourne Cup Day, conditions could get worse before they get better for the sector."
Consumer staples also sold off, tracking with an extended slump in Woolworths shares to $39.48 despite a solid update on Wednesday.
A revival in beaten down bank stocks launched the heavyweight financials sector to its highest level since August 10, which was days after big four warnings about slumping mortgage applications sparked a major sell-off.
Energy stocks also rallied, the sector up 1.4 per cent, despite Brent crude easing to $US113.85 a barrel on reports US Vice President JD Vance was seeking peace talks with Iran.
The news conflicted with other headlines that claimed US allies in the Persian Gulf had been warned about a possible re-escalation of US attacks on Iran after the mid-term elections on November 3.
Woodside shares gained almost two per cent as refinery operators Ampol and Viva dipped, while coal and uranium stocks advanced.
Non-energy miners retreated after a three-session rebound from recent lows, as BHP eased to $57.52 and Rio Tinto traded at $149.69, tracking with weaker copper prices.
The gold sub-index was slightly better than flat as the precious metal slumped to $US4039 ($A5726) an ounce, after the US Federal Reserve offered little guidance as it held its funds rate range steady at 3.75 to 4.0 per cent.
Markets still expect the Fed to hike in December, but bets on more increases next year have tempered for now.
In company news, Mesoblast's value swelled by almost a quarter after the biotech reported surging revenues and positive developments with US regulators.
Coles and ResMed will deliver trading updates on Friday, while Endeavour, Tabcorp and McPhersons are set to face shareholders at their annual meetings.
The Australian dollar is buying 70.47 US cents, up from 70.32 US cents on Wednesday at 5pm.
ON THE ASX:
* The S&P/ASX200 rose 44.5 points, or 0.5 per cent, to 8891.8
* The broader All Ordinaries advanced 41.2 points, or 0.46 per cent, to 9012.6
One Australian dollar trades for:
* 70.47 US cents, from 70.32 US cents on Wednesday at 5pm AEDT
* 111.20 Japanese yen, from 110.99 Japanese yen
* 63.27 euro cents, from 63.24 euro cents
* 52.93 British pence, from 62.91 pence
* 125.46 NZ cents, from 125.37 NZ cents