The local share market has finished higher for a fourth day as some of Australia's biggest companies reported their earnings results.
Gains for the S&P/ASX200 faded in the afternoon, with the benchmark index closing up 23.9 points at 7,850.7, a gain of 0.3 per cent.
It had been as high as 1.0 per cent at noon, spiking as New Zealand's central bank cut interest rates for the first time in four years.
The broader All Ordinaries finished up 28 points, or 0.35 per cent, to 8,070.2.
The gains followed a rally on Wall Street after the US Labor Department announced producer price rises cooled in July, bolstering the case for a series of interest rate cuts later in 2024.
Across the ditch, the Reserve Bank of New Zealand cut interest rates from 5.5 per cent to 5.25 per cent in its first move since May 2023, with an accompanying statement indicating an aggressive easing cycle is at hand.
Nine of the ASX's 11 sectors finished in the green, with energy flat and materials falling 1.9 per cent on more losses for the iron ore giants.
Fortescue fell 4.6 per cent to a 22-month low of $17.32, BHP dropped 2.8 per cent to a similar low of $39.62 and Rio Tinto retreated 2.6 per cent to an 11-month low of $112.43.
Commonwealth Bank grew 1.3 per cent to a two-week high of $134.21 as Australia's biggest company announced it would pay a higher-than-expected final dividend of $2.50 per share, despite its full-year cash profit falling two per cent to $9.8 billion.
Westpac added 1.2 per cent to $28.85 and ANZ crept 0.2 per cent higher at $28.73, while NAB dropped 1.1 per cent to $35.79.
The ASX fell 3.7 per cent to $63.45 after securities regulator ASIC filed Federal Court proceedings against the exchange over its statements from February 2022 regarding its failed CHESS replacement project.
"We co-operated fully with ASIC's investigation and are now carefully reviewing and considering the allegations," ASX managing director and chief executive Helen Lofthouse said.
The property and tech sectors were the biggest gainers, with both rising 1.6 per cent as Goodman Group added 3.1 per cent and Wisetech Global climbed 2.6 per cent.
Back in the mining sector, Evolution shot up 6.6 per cent to a four-month high of $4.06 after the goldminer reported it made a $422 million profit in 2023/24, up 158 per cent from the previous year.
"A decent result overall," RBC Capital Markets analyst Alex Barkley wrote in a client note.
Gold production and capital expenditure guidance were broadly in line, Mr Barkley added.
Pro Medicus climbed 7.2 per cent to a two-week high of $141 after the medical imaging company announced its full-year profit was up by more than a third, to $116.5 million.
Seven Group rose 6.8 per cent to $39.19 after growing full-year operating earnings by 14 per cent, to $1.93 billion.
"We are very pleased to have delivered another strong result this year," managing director Ryan Stokes said.
Seven West Media was flat at 15.5c after the Seven Network owner said its underlying full-year net profit was down 46 per cent to $78 million, impacted by the ongoing decline in advertising markets.
"FY24 is a tough result for SWM in a challenging market," managing director and chief executive Jeff Howard said.
The Australian dollar was at a three-week high against its faltering US counterpart, buying 66.39 US cents, from 65.97 US cents at Tuesday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Wednesday up 23.9 points, or 0.31 per cent, at 7,850.7
* The All Ordinaries gained 28 points, or 0.35 per cent, to 8,070.2.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 66.39 US cents, from 65.97 US cents at Tuesday's ASX close
* 97.54 Japanese yen, from 97.55 Japanese yen
* 60.32 euro cents, from 60.34 euro cents
* 51.69 British pence, from 51.53 pence
* 110.36 NZ cents, from 109.31 NZ cents
