Australian share market has ended trading up before release of US inflation figures

The ASX finished up on Thursday, shrugging off a soft US session as investors await positive inflation data.

The ASX has finished trading on Thursday higher higher despite a soft session on Wall St, as the market watches for US inflation figures.

The S&P/ASX200 closed up 19.4 points, or 0.26 per cent, to 7,357.4.

Trade out of the US was subdued as investors await the release of inflation data overnight Thursday, when it’s expected CPI will have behaved in July.

Shares in lithium producers Lake Resources skyrocketed 34.55 per cent, to 22c a share at one stage.

The surge comes as the company prepares to deliver an update on their flagship Kachi Project at a lithium conference in Argentina.

It follows a dive of 9.5 per cent on Monday, and closed at 16c on Wednesday – its lowest point since early 2021.

The S&P/ASX200 closed up 19.4 points on Thursday, or 0.26 per cent, to 7,357.4 — crossing above its 20-day moving average. Picture NCA Newswire/ Gaye Gerard

Shares in energy provider AGL dived 3.4 per cent after reporting a bottom-line loss of $1.3bn for the full year.

Market analyst at eToro Josh Gilbert says that was higher than expected “due to the impact of impairments against its power plants that were closed in order to speed up their decarbonisation transition.”

“The good news for investors is that the current fiscal year will paint a much prettier picture,” Mr Gilbert says.

But he added the company’s underlying profit for the full year, which excludes the impairment, came in above market expectations, rising by 25 per cent year-over-year to $281m.

“The headline loss may capture the market’s attention today, given it was larger than expected and the strong forecast was baked into the share price.

“However, I don’t think investors will be too disappointed, given the energy provider is making significant progress on its decarbonisation efforts.

“Clean energy is a top investment theme for retail investors, and with AGL being Australia’s largest emitter, its sweeping changes are essential to future growth.”

Energy stocks offset losses in the tech sector during the session: Santos gained 2.55 per cent to $8.05; Beach Energy lifted by 2.4 per cent to $1.70; and Woodside Energy added 1.91 per cent to $39.01.

Shares in energy provider AGL dived 3.4 per cent after reporting a bottom-line loss of $1.3bn for the full year. Picture NCA Newswire/ Gaye Gerard

IG Australia market analyst Tony Sycamore said building material company Boral is another to have met with investors’ approval.

“It surged 8.35 per cent to $4.74 after reporting [earnings before interest, taxes, and amortisation] increased by 38 per cent to $454.4m,” Mr Sycamore says.

“Behind the rise in profits, Boral raised the price of its cement, gravel and asphalt materials, offsetting higher costs.”