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Aussie Stocks Rise Despite Rate Hikes

On Thursday, Australian stocks jumped by the most in over a month as the country's top central banker signalling a slower pace of interest rate hikes.

Specifically, the S&P/ASX 200 After two days of declines in a row, the XJO ended the week up 1.77 percent at 6,848.7. After a series of hikes, Reserve Bank of Australia Governor Philip Lowe said interest rates were getting closer to neutral levels, but it was unclear how high they would need to go to bring demand and supply back into equilibrium.

The fact that Lowe is not as hawkish as feared is "more of the icing on the cake," according to Hebe Chen, a market analyst at IG Australia. Lowe reaffirmed that people have amassed big financial buffers, a factor that contributes to the sustained pricing pressure, and predicted that "if that continues to be the case, inflation will likely stay with higher interest rates."

Markets were relieved by news that Chinese city Zhengzhou would resume construction on halted housing projects, sending Dalian iron ore prices soaring and lifting export-dependent miners (.AXMM) by roughly 2.8%. Rio Tinto, a mining giant Rio Tinto and BHP Group's BHP Also, Fortescue Metals FMG had gains of 1.8% to 5.1%. Following the lead of the technology-heavy Nasdaq, shares of technology companies (.AXIJ) rose 3.2% as investors cheered the moderately dovish comments made by the senior central banker. Megaport MP1, a cloud services company, led the sub-gainers index's with a 12.8% increase, while Novonix, a battery manufacturer, ranked second. The price of NVX increased by 11.7 percent, and EML Payments, a provider of payment solutions, gained 1

After turning down an unexpected takeover approach from private equity company Potentia Capital Management and a group of investors, payments platform Tyro TTYR's stock price jumped 31.5% to a more than four-month high. Correlate Management Australian competition regulator's decision to back Dye & Durham's A$2.47 billion offer to acquire LNK's registration business saw the stock rise 6.3%.

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