ASX Today — Market Climbs 0.30%

Australian Share Market Performance

The Australian share market closed higher on Thursday, with the benchmark S&P/ASX 200 index gaining 0.30% to 7,408.5 points. The market was led by gains in the mining and energy sectors, while the technology sector weighed on the index. The broader All Ordinaries index also rose by 0.29% to 7,715.2 points.

Sector Performance

The mining sector was the best performer on the day, with the S&P/ASX 200 Metals & Mining index gaining 1.39%. The energy sector also performed well, with the S&P/ASX 200 Energy index rising by 1.14%. The technology sector was the worst performer, with the S&P/ASX 200 Information Technology index falling by 0.86%.

Top Gainers and Losers

The top performing stock on the day was Fortescue Metals Group (FMG), which rose by 3.96%. Other strong performers included BHP Group (BHP), which gained 2.75%, and Rio Tinto (RIO), which rose by 2.44%. The worst performing stock on the day was Nuix (NXL), which fell by 11.11%. Other poor performers included Appen (APX), which declined by 7.95%, and Nearmap (NEA), which lost 7.46%.

Economic News

There was no major economic news released in Australia on Thursday. However, the Reserve Bank of Australia (RBA) is set to release its interest rate decision on Tuesday, August 2. The market is widely expecting the RBA to raise interest rates by 50 basis points, which would take the cash rate to 1.85%.

Technical Analysis

The S&P/ASX 200 index is currently trading above its 100-day moving average, which is a positive sign. The index is also forming a bullish flag pattern, which suggests that it could be poised for a breakout to the upside.

Outlook

The Australian share market is expected to continue to be volatile in the short term, as investors await the RBA's interest rate decision. However, the long-term outlook for the market remains positive, supported by strong economic growth and a low interest rate environment.

Conclusion

The Australian share market closed higher on Thursday, with the benchmark S&P/ASX 200 index gaining 0.30%. The market was led by gains in the mining and energy sectors, while the technology sector weighed on the index. The outlook for the market remains positive, supported by strong economic growth and a low interest rate environment.