Market Wrap / substantial progress

The local sharemarket climbed sharply during Wednesday's trade, after CPI data showed a cooling in core inflationary pressures.Despite a flat start, the S&P/ASX 200 climbed 64 points or 0.8% by close to 8349.10. 

The miners and banks pushed the ASX higher, while the REITs receded.

The Big Four banks all rallied over 2%.In the materials sector, BHP gained 1.8% and Rio Tinto was up 1.1%. Shares in gold miner West African Resources jumped 4% after its quarterly update. 

In company news, Regal Partners said it received $900 million in total net inflows and commitments for the last quarter of 2024. A record for the period and the calendar year. The stock still lost some 1.3% today.

Avita Medical sank 19.3% after the regenerative medicine business downgraded its commercial revenue guidance for 2024. 

Tonight, the minutes from the Federal Reserve's December meeting are released.