ASX buoyed by some RBA interest rate respite
Last updated: 4:40pm AEST
Australian shares surged, after the Reserve Bank of Australia (RBA) handed down a softer than expected interest rate rise.
The RBA delivered a 0.25% interest rate rise, lower than the 0.5% increase anticipated by many analysts.
The S&P/ASX 200 closed the session more than 3.7% higher, following volatile trading over recent days ahead of today’s RBA rate meeting.
Interest rate sensitive sectors, including tech, financials, real estate and retail were all up over 4%.
While the ASX surged following the RBA’s softer than expected interest rate rise, Tyro Payments Ltd. (AU:TYR) shares finished down around 1.8%.
The stock earlier fell almost 2.6%, after the company announced a major shakeup to its executive team.
Jonathan Davey took over as Tyro CEO on Monday, replacing Robbie Cooke. In addition to resigning from the top executive job, Cooke also left Tyro’s board.
ASX surges after RBA delivers lower than expected rate rise
Last updated: 2:45pm AEST
Australian shares rocketed up after the Reserve Bank of Australia (RBA) delivered a 0.25% interest rate rise this afternoon, lower than the 0.5% increase anticipated by many analysts.
The interest rate sensitive tech sector was up more than 4.2%, while other interest rate sensitive sectors, including financials, real estate and retail were all up over 3%.
Across the market, the S&P/ASX200 gained 220.10 points or 3.41% to 6,677.00. The broader All Ordinaries were also bolstered, gaining 238.60 points or 3.58% to 6,895.00.
The Materials sector remained the top performing sector, up more than 4%, led by a raft of Aussie miners.
Gold miner, St Barbara Ltd. (ASX:SBM) was amongst the top performing mining stocks, rising more than 9% in the morning before easing back to around 7% in afternoon trading. The stock’s surge can be linked to the continued rally in gold prices, which overnight soared the most since March. St Barbara shares are still down more than 45% from where they began the year.
Other ASX gold miner stocks rising alongside St Barbara shares included, Newcrest Mining (ASX:NCM) and Northern Star (ASX:NST).
Stocks remain strong, as RBA meeting draws near
Last updated: 1:20pm AEST
The ASX remained up in afternoon trading locking in strong early morning gains, ahead of the Reserve Bank of Australia’s interest rate meeting later in the day.
The S&P/ASX200 was up sharply, gaining 156.50 points or 2.42% to 6,613.40.
Meanwhile, the broader All Ordinaries was also well up, gaining 156.40 points or 2.35%.
The Energy and Materials sectors were leading the gains, both up more than 3.3%.
Shares of Australian gold miner St Barbara Ltd. (ASX:SBM) jumped today, rising more than 9% in the morning before easing. The stock’s surge can be linked to the continued rally in gold prices, which overnight soared the most since March.
Other ASX gold miner stocks rising alongside St Barbara shares were Newcrest Mining (ASX:NCM) and Northern Star (ASX:NST). St Barbara shares are still down more than 45% from where they began the year.
The market readied itself for the RBA’s anticipated interest rate rise later in the afternoon, which will have a broad array of impacts across the ASX.
Most analysts have lifted their initial forecast of a 0.25% increase, raising it to 0.5% amid intensifying concerns over the global economic outlook.
Here’s a breakdown of interest rate sensitive sectors, and how analysts view some of the stocks that lie within, according to TipRanks insights.
Aussie market rises, ahead of RBA hike
Last updated: 11:05am AEST
The ASX surged in morning trading, following gains on Wall Street, and ahead of the much anticipated Reserve Bank of Australia (RBA) meeting this afternoon, where interest rates are expected to rise by 0.50%.
The local market gains were led by miners within the Materials sector, which was up more than 2.5%.
The S&P/ASX200 was up sharply, gaining 136.10 points or 2.11% to 6,593.00.
The broader All Ordinaries also saw significant gains, rising 139.10 points or 2.09% to 6,795.50.
Meanwhile, the market turned its eyes towards the RBA’s anticipated interest rate rise in the afternoon, which will have a broad array of impacts across the ASX.
Here’s a breakdown of the most impacted sectors, and how analysts view some of the stocks that lie within, according to TipRanks insights.
Pre-market breakdown
ASX shares are set to jump this morning following significant gains on Wall Street overnight, with local eyes now turning to today’s Reserve Bank of Australia (RBA) interest rate meeting.
ASX futures were up 1.94%, sitting at $AU6,577.00 at around 6:30am AEST.
The Australian market has been edgy following a significant rate hike delivered by the U.S. Fed last week, and ahead of the RBA’s expected interest rate increase today.
Most analysts have lifted their initial forecast of a 0.25% increase, raising it to 0.5% as the global economic outlook has become more concerning in recent weeks.
Australian shares closed lower yesterday, as the market braced for the steep interest rate rise.
The S&P/ASX200 closed down, dropping 17.30 points or 0.27% to 6,456.90 and setting a new 50-day low.
Ahead of Monday’s local market opening, the Australian dollar was around 1.8% higher, sitting at around US0.65c.
WTI Crude was up 4.9%, at around US$83.4 a barrel.
Gold was up by about 2.4%, at around $US1700 an ounce.
Meanwhile, Bitcoin was up by around 1%, to about AU$29,955.
Market watch
Today’s RBA interest rates rises will have a broad array of impacts across the ASX.
Here’s a breakdown of the most impacted sectors, and how analysts view some of the stocks that lie within, according to TipRanks insights.
