The Australian sharemarket recovered earlier losses and finished higher on Wednesday, after local data showed annual inflation was steady in February for a third straight month. The S&P/ASX 200 Index rose 0.5 per cent, or 39.4 points to 7819.6 as at the closing bell, buoyed by nine out of the 11 sectors. It popped 0.3 per cent after the consumer price index data, but there was little reaction in the currency or bond markets. The All Ordinaries added 0.5 per cent.
“It signals to investors that the economy is really humming along nicely, inflation is coming back to target a bit faster than expectations, and it hasn’t come at the expense of mass job layoffs or significant slowdown in growth.” On the ASX, consumer staples stocks were among the best-performing sector, up 1.4 per cent, led by the supermarket giants with Woolworths up 1.9 per cent to $33.01 and Coles climbing 1.6 per cent to $16.88.
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