Episode Details

The ASX 200 rose 30pts to 8709 (0.3%) after the RBA raised rates by 25 basis points, which has been well and truly priced into the market. After an initial dip, the market pushed a little higher. The banking sector was a little weaker, with CBA down 0.8%. The Big Bank Basket fell to $262.85 (-0.3%). Although the insurance sector was mixed, other financials again were mixed as well, with MQG pushing up another 0.9% and a recovery in the likes of PNI and NGI.

Industrials were mostly firm, with WES rising 1.0%, ALL rising 0.8%, and even JBH rising 1.3%. Tech stocks had a slightly better day, with WTC pushing up 3.1% and XRO also up 0.6%, whilst TLS eased slightly and the REITs came under pressure as GMG cancelled a data centre in Lane Cove.

A far better day for the resource sector today, with BHP up 1.4% and Rio up 0.8%, and signs of life in the lithium market with PLS up 0.8% too. Gold miners steadied and pushed slightly ahead, with RMS up 3.5% and GMD up 0.8%. Meanwhile, in the energy sector, the oil and gas majors WDS and STO lost around 1%, and uranium stocks came under a smidge of pressure.

In corporate news today, CDA shot the lights out with demand for its drone components doubling profits, ensuring a 24.0% rise. REA also announced a $409m acquisition in Ireland. It rose 0.2%. MP1 rallied 9.4% as it announced a new deal and PRN also had a good day.

In economic news, the RBA raised rates again. Household spending was unchanged in August according to the ABS and Employers grow more cautious on hiring.

Asian markets drifted lower with Japan down 1.0%, HK down 0.3% and China up 0.3% .

10-year yields at 5.37%. US Futures lower. Nasdaq down 139 and Dow off 94.

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