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Rates relief? We'll take that, thanks. 🙏
Description
The market bounced-back and with gusto today. The ASX200 was looking buoyant from the get-go. But a speech from RBA Governor Philip Lowe sent a rocket up the index around mid-day, with Dr. Lowe intimating that the pace of rate hikes could begin to slow. The ASX200 finished 1.77% higher for the session to close at 6849.
It was a broad-based day of gains that saw tech, real estate, consumer discretionary and materials all add more than two per cent. Energy was the only major outlier, with the sector dropping in sympathy with a five per cent overnight plunge in crude. Woodside Petroleum dropped 5.3% as a result to be the day’s biggest laggard.
But the good news far outweighed the bad, just for the day. Tyro Payments was up an eye watering 27% after it knocked back a takeover offer from private equity firm potentia group. Life 360 also leapt 16%, while Novonix and Megaport posted double digit gains. In corporate news, Link Administration gained six per cent after the ACCC gave the greenlight to Canadian company Dye and Durham to continue with its take-over bid.
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