Markets simmering as five-day rally peters out

The benchmark S&P/ASX200 index closed on Wednesday up 11.2 points, or 0.14 per cent, at 7,804.5, while the broader All Ordinaries rose 11.2 points, or 0.14 per cent, to 8,076.7. Westpac chief economist Luci Ellis, a former Reserve Bank assistant governor, said she expected her former employer to keep rates on hold until late this year after analysing statements by RBA governor Michele Bullock at Tuesday's meeting. "While a rate hike is still on the table, we don't think it …