The S&P/ASX 200 Index (ASX: XJO) traded in the red for just the fourth time this year today, falling 0.3% to close at 7,468.3 points.
And no prizes to those who can guess why. Market experts were shocked by the latest Australian inflation data, released late this morning.
The Australian Bureau of Statistics (ABS) found the Consumer Price Index (CPI) rose 1.9% in the December quarter and 7.8% over the course of 2022. Those figures were notably higher than consensus forecasts of 1.6% and 7.6%, respectively.
The likelihood the Reserve Bank of Australia could begin easing rates next month likely diminished on the findings, thereby disappointing investors.
On a more positive note, the S&P/ASX 200 Financials Index (ASX: XFJ) outperformed despite the inflation read today. It gained 0.3%.
Interestingly, the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) also gained, rising 0.4%, while the S&P/ASX 200 Utilities Index (ASX: XUJ) led the market, lifting 0.5%.
Meanwhile, the rates-sensitive S&P/ASX 200 Information Technology Index (ASX: XIJ) fell 1.2% and the S&P/ASX 200 Energy Index (ASX: XEJ) dropped 1.2%.
But enough of that. Let's take a look at the 10 shares that posted the ASX 200's biggest gains on Wednesday.
Top 10 ASX 200 shares countdown
Today's top performing share on the index was News Corp (ASX: NWS).
The stock jumped 6% to close at $29.93 after the company revealed it won't be merging with Fox Corporation and confirmed it's in talks to sell its Move, Inc business.
These shares made today's biggest gains:
| ASX-listed company | Share price | Price change |
| News Corp (ASX: NWS) | $29.93 | 6.25% |
| IPH Ltd (ASX: IPH) | $8.52 | 4.16% |
| Orora Ltd (ASX: ORA) | $3.09 | 3.69% |
| Boral Limited (ASX: BLD) | $3.56 | 3.19% |
| Lovisa Holdings Ltd (ASX: LOV) | $26.81 | 3.19% |
| Corporate Travel Management Ltd (ASX: CTD) | $17.47 | 2.64% |
| James Hardie Industries plc (ASX: JHX) | $31.44 | 2.61% |
| ARB Corporation Limited (ASX: ARB) | $30.80 | 2.43% |
| Webjet Limited (ASX: WEB) | $6.88 | 2.38% |
| Iluka Resources Limited (ASX: ILU) | $10.97 | 1.95% |
Our top 10 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.
