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The local share market at midday was creeping higher again, on track for its third day of gains following a big 2.3 per cent pullback over the course of last week.
At lunchtime AEDT on Wednesday, the benchmark S&P/ASX200 index was up 19.9 points, or 0.26 per cent, to 7,723.1, while the broader All Ordinaries was up 23 points, or 0.29 per cent, to 7,980.8.
The gains come ahead of the Federal Reserve meeting early on Thursday, Australia time, where the US central bank is widely expected to leave rates on hold.
St George chief economist Besa Deda said that markets would focus on an updated set of projections known as the “dot plots” – the forecast for interest rates over the next few years – as well as any new guidance from Fed chair Jerome Powell on when rate cuts would begin.
Eight of the ASX’s 11 sectors were higher at midday, with consumer staples, tech and property all slightly lower.
The energy sector was the biggest mover, up 1.0 per cent as Woodside added 0.9 per cent and Whitehaven Coal grew 3.2 per cent.
In the heavyweight mining sector, BHP had gained 0.8 per cent, Fortescue was 2.0 per cent higher and Rio Tinto had climbed 1.5 per cent.
Goldminers were down even as the price of the precious metal hovered around $US2,158 an ounce, with Newmont dropping 2.5 per cent and Newcrest retreating 2.3 per cent.
All of the Big Four banks were in the green, with Westpac up 0.8 per cent, CBA and NAB both up 0.5 per cent, and ANZ edging 0.1 per cent higher.
The Australian dollar was buying 65.36 US cents, up from 65.17 US cents at Tuesday’s ASX close.
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