Australia's stock market has snapped a three-session losing streak, as interest rate-sensitive stocks rallied on hopes the Reserve Bank is finished hiking rates.
The S&P/ASX200 rose 49.1 points on Wednesday, up 0.57 per cent, to 8,653.3, as the broader All Ordinaries gained 32.2 points, or 0.36 per cent, to 8,857.
Interest rate-sensitive sectors such as consumer staples, discretionaries, real estates trusts, utilities and financials helped push the bourse higher for a second session after NAB economists tipped the Reserve Bank was done tightening monetary policy.
"We're seeing those rate hike expectations move more towards the idea that at the very least the RBA is going to be on hold, and I guess if we continue to see weak numbers on the employment and inflationary fronts, then maybe we'll start to open up to the idea that we have potentially seen the top of the (hiking) cycle," IG market analyst Tony Sycamore told AAP.
