Market Report August 26: ASX rises on Fed’s potential rate easing [Video]

Proactive’s Tylah Tully provides a market wrap for the August 26.

Australian shares were driven up by news from the United States suggesting that Federal Reserve Chair Jerome Powell may consider easing monetary policy.

As a result, the ASX rose by over 60 points or 0.76%, closing at 8,084.5. Over the past five days, the index has gained 1.42% and is now 0.79% below its 52-week high. Trading volume was lower than usual, with eight out of eleven sectors reporting gains. Communication Services led with a 1.25% increase, followed closely by Financials at 1.23% and Energy at 1.16%.

The top performer of the day was Deep Yellow, surging 17.5% to $1.17 per share. Paladin Energy followed with an almost 12% increase, trading at $10.88. These gains were largely due to Kazatomprom, the world’s largest uranium producer, announcing a reduction in next year’s uranium production outlook.

Conversely, Kelsian Group experienced the largest decline, falling over 23% to $3.82, despite reporting a 42% revenue increase for the fiscal year.

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