Australia Market falls after RBA rate hikes

6 Sep 2022 , 04:18 PM

Australia stock market finished session in negative territory on Tuesday, 06 September 2022, after the central banks rate decision to raising the cash rate target by 50 bps to 2.35%. At closing bell, the benchmark S&P/ASX200 index was down 25.69 points, or 0.37%, to 6,826.54. The broader All Ordinaries index declined 18.58 points, or 0.26%, to 7,055.92. The top performing stocks in S&P/ASX200 index were PALADIN ENERGY and PILBARA MINERALS, up 7.8% and 7%, respectively. The bottom performing stocks in S&P/ASX200 index were SUPER RETAIL GROUP LIMITED and CODAN LIMITED, down 6.21% and 5.63% respectively. In company news, Shares of Aura Energy advanced 9% after the company filed its production and export plans for the Tiris uranium project to secure approval from the National Authority for Radioprotection, Safety, and Nuclear Security in Mauritania. Uscoms shares surged 14% after the company hemodynamic monitor, USCOM 1A, was included in the list of recommended products as part of the Chinese national emergency medicine guidelines for acute heart failure. ECONOMIC NEWS: The Reserve Bank of Australia again raised borrowing costs by 50 basis points to 2.35 percent, its highest level since December 2014, in an effort to curb inflation. CURRENCY NEWS: The Australian dollar weakened and last traded at $0.6779 following the move.Powered by Capital Market – Live News