Australia: Shares inch higher on tech gains; US inflation data eyed

[BENGALURU] Australian shares edged higher on Thursday, helped by firmer technology and healthcare stocks, with the focus turning to US inflation data due this week that could impact monetary policies globally.

The benchmark ASX 200 index rose 0.2 per cent to 7,284.8 by 0041 GMT.

In other markets, Wall Street ended lower overnight, Japan's Nikkei rose 0.3 per cent, and the S&P 500 E-minis futures were up or 0.1 per cent.

Australia's central bank said on Wednesday inflation is unlikely to meet its target range until 2024 at the earliest.

The easing in expectations of a sharp jump in inflation boosted technology stocks. Its sub-index rose 1.2 per cent, with top gainer Altium gaining 2.7 per cent. Index heavyweight Afterpay added 0.5 per cent.

Healthcare stocks led the gains on the benchmark, rising 1.6 per cent to their highest since December last year.

Biotech major CSL advanced about 1.6 per cent to be one of the best performers on the sub-index.

The gold index gained 0.6 per cent even as bullion prices were slightly lower. Gold miners Newscrest Mining and Nortern Star rose 0.4 per cent-1 per cent.

Capping gains, however, were energy stocks as they led losses on the benchmark by slipping 0.8 per cent. The subindex as set for its worst session since May 31. Oil and gas producers Woodside Petroleum and Santos fell 0.6 per cent and 1.4 per cent, respectively.

Miners also eased, with majors Rio Tinto, BHP Group and Fortescue Metals declining around 1 per cent each.

Shipbuilder Austal lost 3.5 per cent to be the worst performer on the bourse as regulator ASIC commenced civil penalty proceedings against it on failure of disclosures.

Across the Tasman sea, New Zealand's benchmark NZX 50 index traded up 0.2 per cent to 12,584.8.

REUTERS