ASX finishes up, as RBA signals less aggressive rate hikes
Latest update: 04:45pm AEST
The Australian market closed up sharply, bouncing back after significant declines on Wednesday.
The S&P/ASX200 gained 119.40 points or 1.77% to 6,848.70, while the All Ordinaries were up 1.81%.
Shares shot up in afternoon trading, following comments from Reserve Bank Governor, Philip Lowe that the Central Bank could be near the point of slowing the pace of rate rises.
Tyro Payments (TYR) was a major winner today, with shares soaring as much as 32% after the company, received, and then turned down, an unsolicited takeover bid.
Lithium stocks surged in early trading, with Global Lithium Resources (GL1) a major gainer, up more than 11% in late morning trading, before easing in the afternoon.
Shares lift on RBA signals
Latest update: 01:55pm AEST
Australian shares skipped up after Reserve Bank Governor, Philip Lowe announced the RBA could be near the point of slowing the pace of rate rises, during an afternoon speech.
The S&P/ASX200 was up sharply just before 2pm AEST, gaining 111.10 points or 1.65% to 6,840.40. It follows substantial losses in the previous day’s trading.
10 of 11 sectors were higher. Information Technology, the best performing sector, gaining 2.60% and 1.25% for the past five days.
Global Lithium Resources (GL1) shares were up more than 11% to about $AU2.07 in late morning trading, before easing in the afternoon.
The increase follows analyst statements overnight, reiterating suggestions that lithium demand is set to outstrip supply for many years, as the electric vehicle market continues to grow.
Qantas Airways (QAN) was up more than 3% in afternoon trading.
The airline has been hurt by recent worker and customer service issues, but like others in the space, is set to benefit from the resurgent travel sector, following COVID-19.
Market opens up
Latest update: 10:10am AEST
The S&P/ASX200 was up today, gaining 31.90 points or 0.47% to 6,761.20.
Across the market, 10 of 11 sectors were lower over the last week along with the S&P/ASX 200 Index.
Consumer Staples was the best performing sector.
Australian shares are set to bounce back after yesterday’s drop, on the back of Wall Street gains overnight.
ASX futures were up 0.50% to 6,756.5 approaching 7am AEST.
The stock market is expected to take its cues from Wall Street, which saw major U.S stock indices finish the trading session overnight in the green.
The Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 increased by 1.4%, 1.83%, and 2.07%, respectively.
Local shares are expected to bounce back higher in early trading, after the S&P/ASX200 finished lower, dropping 97.20 points or 1.42%, to sit at 6,729.3 by close of trade.
The spot gold price was sitting at $US1,718, up 0.90% around 7am AEST.
The Australian dollar was up 0.57%, sitting near US67.30c at the local close, down around 1%.
Bitcoin (BTC-USD) was up just over 2%, sitting around $US19,300.