The ASX 200 index was at 7,251.6 at the close on Wednesday, March 1. The index was down by 0.09% during the day, due to weaker GDP data.
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Yesterday, the index added 0.47% in a day and closed at 7,258.4 points, driven by gains in the mining sector.
According to the Bureau of Statistics, the Australian economy grew by 5% in the fourth quarter of 2022, compared to a forecast of 8%.
The annual CPI increased to 7.4% in the last 12 months, driven by higher housing prices and food. Many analysts are expecting further rounds of rate hikes to combat the higher prices.
In the currency space, the Australian dollar sank to its lowest point in the last two months at $0.66 and ended at $0.67, after the economic data missed expectations.
ASX’s energy and materials sectors were up by 1.6% and 2.3%, respectively, on Wednesday. The banking sector ended in the red zone, and all the big banks were trading down.
Let’s have a look at the top gainers and losers for the day.
Top Gainers and Losers
Leading the green zone, coal miner Yancoal Australia Limited (AU:YAL) gained 5.12% in a day. The company announced five-time growth in its 2022 annual profit on Monday, pushed by higher coal prices.
The gold mining company Perseus Mining Limited (AU:PRU) was up by 4.84%. The company reported its H1 2023 results in February, with a record profit of AU$200 million.
Regarding other miners, Fortescue Metals Group Ltd (AU:FMG) was up by 3.4% and BHP Group Limited’s (AU:BHP) stock increased by 2.3%.
Moving on to the losing side, services company Link Administration Holdings Ltd. (AU:LNK) lost 5.68%. Medical devices manufacturer Polynovo Limited (AU:PNV) fell by 5.28%.
