The Aussie market secured its second straight win and finished at session highs following the Reserve Bank’s (RBA) widely anticipated 25 basis point rate hike, with the ASX 200 climbing 113.4 points or 1.65 per cent to 6976.9 – a 1½ month high. Gains were broad, with all sectors and 89
per cent of stocks in the ASX 200 rallying. Miners rose 2.6 per cent and did most of the heavy lifting, helped by a rebound in shares of Fortescue Metals (FMG), BHP Group (BHP) and Rio Tinto (RIO). The Industrials & Property sectors closed their seventh straight day of gains, and a 4
per cent rally in Origin (ORG) helped the Utilities sector advance 2.5 per cent and mark itself as one of today’s best performing sectors.
On the economic front, the key highlight today was the Reserve Bank’s interest rate decision. As expected by around 90 per cent of participants conducted in a poll by Reuters, the RBA increased the official cash rate by 25 basis points to 2.85 per cent – a 9½ year high. The RBA Governor,
Philip Lowe, is scheduled to speak later tonight at 7:20pm in Hobart.
Despite a dearth of major company announcements released today, there were still some notable movers. Imugene (IMU) and Nickel Mines (NIC) were amongst today’s best performers, rising 11.4 per cent and 7.5 per cent, respectively. Lithium miners, Pilbara Minerals (PLS) and Core Lithium (CXO), rose by at least 4 per cent. Brambles (BXB) and Chorus (CNU) fell 1 per cent and 3.6 per cent, respectively, and were amongst the worst performing stocks in the ASX 200 today.
Software provider ReadyTech (RDY) surged 28.1 per cent after it received a takeover proposal by private-equity firm, Pacific Equity Partners, for $4.50 per-share – a 39 per cent premium to the previous close.
Brickworks (BKW) fell 2.3 per cent after it traded exdividend. The building material manufacturer is expected to pay its 41-cents-per-share dividend to eligible shareholders on November 23.
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The US earnings season continues tonight with Pfizer, Airbnb and Advanced Micro Devices among some of the companies expected to release earnings updates.
Today, 2.9bn shares were traded, worth $6.7bn. 796 stocks rose, 506 fell & 405 finished unchanged.
Originally published by Divik Nigam – (Author), CommSec
