RBA raises cash rate by 0.25%; ASX 200 ends strong

October 04, 2022 05:40 PM AEDT | By Khushboo Joshi
 RBA raises cash rate by 0.25%; ASX 200 ends strong
Image source: © Reb60315 | Megapixl.com

Highlights:

  • The S&P/ASX 200 closed significantly up on Tuesday (04 October 2022), gaining 3.754% to 6,699.30 points.
  • All eleven sectors ended strong today.
  • Information Technology ended 4.94% higher while the Energy sector closed with a gain of 4.469%.
  • The Reserve Bank of Australia, today, has risen the cash rate by 0.25%. Post this, National Australia Bank immediately increased the lending rates by 0.25%.

The S&P/ASX 200 benchmark index closed strong on Tuesday (04 October 2022), gaining 3.754% to 6,699.30 points.

The Reserve Bank of Australia, on Tuesday, decided to raise the cash rate target by 25 basis points to 2.60%. Also, the bank increased the interest rate in Exchange Settlement balances by 25 basis points to 2.50%.

Key pointers from ASX close today

  • The ASX 200 benchmark index closed strong on Tuesday at 6,699.30 points.
  • Lake Resources N.L. (ASX:LKE) and Sayona Mining Limited (ASX:SYA) closed up 14.525% and 13.333% respectively.
  • In last five trading sessions, ASX 200 has gained 3.13% and is down 7.58% lower in last one year.
  • The index has lost 11.01% in last six months.
  • Meanwhile, the Information Technology sector ended 4.9% strong at 1,420.2 points, followed by the Energy and Materials sector closing 4.499% and 4.469% higher respectively.
  • Financials ended 4.2% up at 6,031.9 and Health Care ended 1.862% higher. Industrials closed 2.9% up while, the utilities ended 2.726% higher.
  • Consumer Discretionary ended 3.616% up.

 

News Makers

  • Mayne Pharma Group (ASX:MYX) – The pharma giant closed 5.555% higher at AU$0.285 apiece on Tuesday. Mayne informed today that it has completed the sale of its Metrics Contract Services drugs portfolio to Catalent Pharma Solutions for ASU$722 million.
  • Electro Optics Systems Holdings Limited (ASX:EOS) – The company announced today that Washington H Soul Pattinson (ASX:SOL) has agreed to extend its term loan facility. EOS ended 2.9% lower while, SOL closed 3.2% higher today.

Bond yields

Australia 10-year bond yield stands at 3.736% at 5:03 PM AEDT, 04 October 2022.

In global markets:

Wall Street closed sharply up on Monday (3 October 2022) as the final quarter has now begun. The US Treasury yields have plummeted after weaker-than-expected manufacturing data was revealed. This has risen the appeal of stocks during the initial stage of the year’s last quarter.

It should be noted that the US stock market has witnessed straight three loss-incurring quarters pulled down by a series of interest rate hikes and crawling economy woes.

The benchmark S&P 500 gained 92.81 points or 2.59% to close at 3,678.43; the Nasdaq Composite ended 2.27% higher at 10,815.44 and the Dow Jones Industrial Average closed at 29,490.89, up 2.66% or 765.38 points. 

In Commodities markets:

Crude Oil WTI was spotted at US$83.99/bbl at 4:146 PM AEDT. Gold was at US$1,709.00 an ounce at 4:46 PM AEST today (04 October 2022).


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