Meanwhile, rag trade billionaire Solomon Lew's fashion retailer Premier Investments was at the bottom of the index with losses of 9.8 per cent after delaying plans for a proposed demerger of its Smiggle and Peter Alexander brands as it focuses on selling some of its other brands to Myer. Loading KMD Brands shares were down 1.
1 per cent after the operator of Kathmandu, Rip Curl and Oboz said all three brands suffered a significant decline in sales during the 2024 financial year. The lowdown While the big monetary stimulus push in China was continuing to dominate trades, prompting investors to switch back into the mining heavyweights in the hope of rising demand for Australia's metals, market attention was also on the monthly inflation figures released late in the morning. The Australian Bureau of Statistics monthly measure of inflation for August fell to an annual rate of 2.
7 per cent, its lowest level in almost three years, with positive signs for the Reserve Bank and consumers. In August alone, prices edged down while they have not increased since June. And in news especially relevant for the Reserve Bank in its interest rate decisions, the annual rate of underlying inflation eased from 3.
8 per cent to 3.4 per cent. RBA governor Michele Bullock on Tuesday said the bank would focus on that measure of inflation as the headline rate was affected by government.
.. Staff reporter.
