The S&P/ASX 200 ended Wednesday (18 December) flat as investors remain cautious ahead of the US Federal Reserve decision on interest rates later today US time.
The index edged back just 4.60 points to 8,309.40 points by the closing bell.
Over the last five days, the S&P/ASX 200 has slipped 0.53%, and is currently 2.41% below its 52-week high.
Six of the 11 sectors ended the session in the green, led by industrials which shifted up 0.77% on Wednesday and has gained 1.02% over the past five days. Materials, however, closed down 0.19%.
Uranium miner Paladin Energy (ASX:PDN) was among the top five with a 3.21% gain to $7.71, while Coronado Global Resources (ASX:CRN) retreated 4.30% to $0.78, Nickel Industries (ASX:NIC) dropped 3.51% to $0.83 and gold miner Emerald Resources (ASX:EMR) shifted down 3.28% to $3.54.
The ANZ released its 2025 economic outlook today which pointed to expectations of a pick-up in growth to 2.2% by the end of next year. This is expected to follow a “slightly softer pace” of growth through to the end of 2024.
ANZ economists forecast only two rate cuts from the Reserve Bank of Australia next year.
“That shallower cycle reflects the broad resilience of the economy to date, including in the labour market,” they say in the Australian Economic Insight report.
“We do not see the RBA moving to expansionary policy settings, given the relatively low peak in the unemployment rate, the improving household outlook and support from the public sector.”
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation.
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: ASX
