Market momentum fades as a five-day rally loses steam.

The domestic stock market eked out its fifth consecutive day of gains, with shares edging marginally higher as traders absorbed the Reserve Bank’s stance on interest rates. The benchmark S&P/ASX200 index closed Wednesday’s session up 11.2 points, or 0.14 percent, at 7,804.5, while the broader All Ordinaries nudged up 11.2 points, or 0.14 percent, to 8,076.7.

Westpac chief economist Luci Ellis, a former Reserve Bank assistant governor, predicted the central bank would maintain rates until late this year, based on her analysis of RBA governor Michele Bullock’s statements at Tuesday’s meeting.

“While the possibility of a rate hike remains, we don’t believe it’s likely, given the board and governor’s expressed preference against it,” Ellis remarked.

Seven of the ASX’s 11 sectors ended higher on Wednesday, with materials and consumer discretionary sectors experiencing slight declines, while energy and consumer staples remained relatively unchanged. Industrials led the gains, rising by 0.7 percent.

The standout news of the day was Perpetual Group’s agreement to offload its wealth management and corporate trust business, along with its brand, to Kohlberg Kravis Roberts & Co for $2.2 billion. This move positions Perpetual as a focused global asset manager, a shift welcomed by chairman Tony D’Alosio, who believes it will simplify valuation for the market.

“As a standalone entity, we will be leaner, more agile, and fully dedicated to empowering our highly respected investment professionals to deliver robust returns to clients, while presenting long-term growth opportunities for our shareholders,” said chief executive and managing director Rob Adams, who intends to retire post-deal completion.

Following the announcement, Perpetual Group’s shares surged by 7.1 percent to $22.32, while rival Pinnacle Investment Management climbed by 6.7 percent to $12.62.