S&P/ASX 200 trades lower for most of the session before a late rally pushes it into positive territory. There is further strong buying of REITs, especially Lendlease Group (LLC) +2.5%, GPT Group +2.4% and Abacus Property Group (ABP) +2.4%. Bond proxies also do well with Transurban Group (TCL) +2.3%, Sydney Airport (SYD) +1.1% and APA Group +0.6%.
S&P/ASX 200 Intraday
Aristocrat Leisure (ALL) is the day's standout performer surging 8.0% after it reports a 2.8% rise in first half net profit. Revenue for the period was up 28.5%.
Wealth management stocks lose ground with Hub24 (HUB) -4.2%, Pendal Group (PDL) -3.5%, Platinum Asset Management (PTM) -2.6% and Challenger (CGF) -2.3%.
Infant formula producers mostly higher with The A2 Milk Co (A2M) +5.7% and Bellamy's Australia (BAL) +3.2% but Bubs Australia (BUB) -0.7% and Synlait Milk (SM1) -0.1%.
ASX Sector Indices (% change)
Cash Converters (CCV) jumps 7.1% after reaching a settlement with industry regulator ASIC over historical issues regarding collections and default listings.
Oz Minerals (OZL) slides 2.6% after extending its offer for Avanco Resources (AVB).
Westfield Corporation (WFD) drops 0.7% after shareholders approve its merger deal with Unibail-Rodamco.
Westpac Banking Corp (WBC) closes flat after ASIC wins its 'unconscionable conduct' case against the bank but the Federal Court rules that it did not amount to rate rigging.
ASX Market Moving Stocks
Metcash (MTS) rallies 7.7% after the release of positive research notes from JP Morgan and Ord Minnett. Analysts are becoming more confident that food deflation is easing and that the outlook for sales, margins and earnings, especially in its hardware business, is improving.
Cochlear (COH) falls 0.2%, its third consecutive daily decline, on valuation concerns while Technology One (TNE) slumps again after its disappointing profit result on Tuesday.
US stocks sink after President Trump calls off his 12 June summit with North Korean leader Kim Jong Un.
US jobless claims rise 11,000 to 234,000 last week, well above the market consensus of 220,000.