iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Australia Market surges after RBA surprise

4 Oct 2022 , 05:00 PM

Australia stock market finished session higher on Tuesday, 04 October 2022, as investors chased for bargain hunting on tracking positive lead from Wall Street overnight and the countrys central bank smaller-than-expected 25 basis points rate hike. The Reserve Bank of Australia raised its benchmark interest rates by 25 basis points to 2.60% saying it wants to strike a balance between tightening policy and ensuring that economic growth remains steady. The Reserve Bank of Australia said its rate hike of 25 basis points will help achieve a more sustainable balance of demand and supply in the nations economy. The central bank said it expects to continue increasing rates over the period ahead. At closing bell, the benchmark S&P/ASX200 index rose 242.42 points, or 3.75%, to 6,699.29, with all sectors finishing in positive territory. The broader All Ordinaries index added 248.95 points, or 3.74%, to 6,905.34. Financials soared, with the countrys Big Four banks adding between 4% and 5%. Following the rate hike, National Australia Bank said it would raise home loan rates by 0.25% per annum. Shares of materials and resources jumped, with sector behemoths BHP Group, Rio Tinto and Fortescue Metals Group gaining between 1.7% and 3.8%. Energy stocks ended higher on tracking a jump in crude prices as sources said the Organization of the Petroleum Exporting Countries and its allies are considering their biggest output cut since the start of the COVID-19 pandemic. Woodside Energy and Santos surged 4.9% and 4.2%, respectively. CURRENCY NEWS: The Australian dollar was down 0.8% at $0.64625 against the greenback shortly after the RBA decision. Powered by Capital Market – Live News

Related Tags

  • capital market
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.