The Australian share market has finished slightly higher, turning around its morning losses as traders digested gross domestic product figures showing economic growth slowed in the December quarter.
The benchmark S&P/ASX200 index on Wednesday finished 9.2 points higher at 7,733.5, a gain of 0.1 per cent, while the broader All Ordinaries rose two points, or 0.03 per cent, to 7,990.3.
The market finished near the highs of the day, having dropped around lunchtime after the Australian Bureau of Statistics reported Australia's economy grew by a modest 0.2 per cent in the fourth quarter and by just 1.5 per cent over 2023.
NAB chief economist Alan Oster said the readout was in line with the bank's expectations and wouldn't move the dial for the Reserve Bank, which NAB expects will leave rates on hold until November.
"While growth is below trend and progress is being made on reducing excess demand, household income outcomes suggest the RBA should be less concerned about downside risks to consumption," Mr Oster wrote.
The 0.1 per cent growth in household consumption in 2023 was the weakest in 40 years outside the global financial crisis and the COVID-19 pandemic, Mr Oster said.
Seven of the ASX's 11 sectors finished higher on Wednesday and six closed lower.
Tech was the biggest mover, dropping two per cent as Wisetech Global fell 2.6 per cent, Life360 retreated five per cent and Dicker Data plunged 10 per cent to a four-month low of $10.84 on a selldown by chairman and chief executive David Dicker.
Mr Dicker sold 10.2 per cent of the company's capital - worth $200 million - after a recent divorce settlement and the subsequent restructuring of his portfolio, the IT distributor said.
The Big Four banks all finished higher with CBA advancing 1.2 per cent to $118.31, Westpac climbing 1.1 per cent to $26.94 and ANZ and NAB both adding 1.0 per cent, to $29.02 and $34.10 respectively.
Magellan Financial was the biggest winner in the ASX200, rising 7.9 per cent to a two-week high of $9.21 after the embattled fund manager reported fund outflows slowed to $200 million in February, about half their level from January.
The heavyweight mining sector dropped 0.6 per cent, with Rio Tinto falling 0.9 per cent to $123.64, Fortescue dipping 0.4 per cent to $25.75 and BHP retreating 0.6 per cent to $44.35.
Cettire fell 14.4 per cent to a one-month low of $3.90 after an article in the Australian Financial Review raised questions about an alleged lack of import duty payments by the luxury retail drop-shipper.
Cettire responded that the AFR had misinterpreted a shipping label from DHL that said duties and taxes were unpaid on an order, saying the company has an arrangement to make direct payments to the Department of Home Affairs.
In the cryptocurrency market, Bitcoin briefly hit an all-time high of $US69,170 against the US dollar overnight but then quickly plunged.
By late Wednesday afternoon the OG cryptocurrency had rebounded a little, trading for $US65,900, or $100,00 on Australian exchanges. That's down 2.1 per cent from where BTC was 24 hours ago but up 15.5 per cent for the week.
Gold was trading for $US2,126 an ounce, an all-time high, although goldminers were mixed and subdued after rising on Tuesday.
Newmont was down 0.7 per cent while Gold Road Resources had added 1.6 per cent.
The Australian dollar was buying 65.18 US cents, from 64.80 cents at Tuesday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Wednesday up 9.3 points, or 0.12 per cent, to 7,733.5
* The broader All Ordinaries two points, or 0.03 per cent, to 7,990.3.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 65.18 US cents, from 64.80 US cents at Tuesday's ASX close
* 97.68 Japanese yen, from 97.51 yen
* 97.68 Euro cents, from 59.74 Euro cents
* 51.29 British pence, from 51.10 pence
* 106.96 NZ cents, from 106.66 NZ cents.
