Business:Investing
ASX 200 up a massive 242 points to 6699.3 (3.8%) on rallying US markets and a surprise 25bps rise from the RBA. The market kicked higher after the less than expected rise, AUD fell and 10-year yields tumbled to 3.70% Green across the screen with few exceptions. Financials fired higher with the Big Bank Basket up to $169.99 (4.4%). MQG rallied 4.5%, insurers rose with QBE up 4.3% and fund managers also joined in the fun. MFG up 5.2% and GQG up 7.3%. Healthcare blossomed, CSL up 1.5%, SHL up 2.9% and COH up 3.8%. Industrials fired, COL up 1.4%, EDV up 3.9% and TCL rallying 3.0%. REITs in demand on lower bond yields, GMG up 5.7% and SGP up 4.3%.
Tech went nuts with the All-Tech Index up 4.8%, XRO up % and CPU up %. Resources also firing on all cylinders, BHP up %, RIO up % and base metals all good. IGO up 6.3%, PLS and other lithium stocks also doing well, PLS up 12.3%, LTR up 9.3% and CXO up 11.8%. Gold miners did well too as bullion rose and the AUD fell. NCM up 6.3% and NST up 7.4%. Oil and gas better on crude rises.
Corporate news took a back seat today, SYA rose 13.3% as it launched its PFS for NAL. PAR soared 19.8% on good news on its Phase 2 trials and EMV up 16.8% on ethics permission.
On the economic front it was all about the RBA. 25bps and the falling yields and AUD. Meanwhile in Asia, Japan kicked higher as the USD fell with the Topix up 3% and the Nikkei up 2.8%. China still closed.
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