Surprise as ASX surges past inflation shock

Australia’s sharemarket rose on Thursday even after hotter-than-expected inflation data, with the ASX 200 jumping 44.50 points (0.50%) to 8891.80 and the All Ordinaries gaining 41.20 points (0.46%) to 9012.60. Gains were led by the major banks and retail-linked stocks within seven of 11 sectors finishing higher. Commonwealth Bank climbed 2.07% to $166.39, National Australia Bank rose 2.33% to $41.36, Westpac gained 1.86% to $37.21, and ANZ added 2.16% to $40.72. Property stocks also helped, with Charter Hall up 3.28% to $20.45. The Federal Reserve’s decision to keep its cash rate at 3.75%–4% supported sentiment. In contrast, consumer discretionary names fell as Wesfarmers, JB Hi-Fi and Super Retail Group reported slowing sales.