(Updates to close)
March 30 Australian shares rose for a
third-straight day on Thursday, boosted by strength in financial
and consumer stocks after data showed households' net worth rose
to a record high, boding well for spending in the face of tepid
The S&P/ASX 200 index rose 0.4 percent, or 22.68
points, to 5,896.20, its highest close since April 2015. The
5,900 level hasn't been breached in almost two years.
The market has been supported by improving global growth
prospects, a steadying in Australia's major trading partner
China as well as on expectations of a stimulus-boost for the
U.S. economy under U.S. President Donald Trump.
While global markets wobbled this week on Trump's stumble on
a key healthcare reform bill, Australian stocks have held their
own on the back of upbeat domestic news.
On Thursday, data from the Australian Bureau of Statistics
showed households saw their wealth balloon to a record A$11.7
trillion ($8.96 trillion) last quarter as cash holdings topped
a trillion dollars for the first time ever.
This accumulation of wealth is a major reason the Reserve
Bank of Australia (RBA) considers household balance sheets to be
in good repair overall and augurs well for consumer spending.
Retail giant Wesfarmers Ltd rose 1.4 percent to
touch a more than 5-month closing high while Woolworths Ltd
climbed 1.3 percent.
Elsewhere, banks extended their bull run driven by optimism
over earnings for the financial sector. National
Australia Bank ended 0.8 percent higher to hit a
20-month closing high.
The benchmark has posted 16 new 52-week highs and no new
New Zealand's benchmark S&P/NZX 50 index advanced
0.5 percent or 35.54 points to finish the session at 7,169.11
Telecom stocks accounted for most of the gains.
Xero Ltd was the biggest percentage gainer, rising
3 percent. The accounting software firm said it recently
surpassed one million subscribers on its global cloud accounting
platform, doubling subscriber numbers in less than two
($1 = 1.3062 Australian dollars)
(Reporting By Shashwat Pradhan in Bengaluru; Editing by Shri