Commodity stocks lift Australian shares; RBA decision on tap

AUSTRALIA-STOCKS/MIDDAY:Commodity stocks lift Australian shares; RBA decision on tap

Reuters
Published7 May 2024, 06:48 AM IST
Commodity stocks lift Australian shares; RBA decision on tap
Commodity stocks lift Australian shares; RBA decision on tap

May 7 (Reuters) - Australian shares rose on Tuesday led by mining and energy stocks helped by firmer commodity prices, while investors eyed the central bank's monetary policy decision, due later in the day.

The S&P/ASX 200 index rose 0.6% to 7,724.600 by 0040 GMT. The benchmark closed 0.7% higher on Monday.

In Sydney, market participants await the Reserve Bank of Australia's monetary policy decision, hoping to get further cues on the central bank's interest rate-cut trajectory.

Following an array of data which have doused all previous hopes of early rate cuts, the market now expects the central bank to cling onto its cash rate.

A Reuters' poll showed that economists forecast only one rate cut this year.

Bellwether mining stocks gained 1.1% boosted by iron ore price rise.

Mining behemoth BHP Group rose 1%.

Rate-sensitive financials sub-index largely traded flat ahead of the RBA decision.

Two of the "Big Four" banks rose, while National Australia Bank fell 2.1% and ANZ Group lost 2.2% after the lender reporting a 7% fall in its half-yearly cash profit.

Energy stocks rose 0.6%, as global oil prices steadied, with Israel rejecting a ceasefire proposal.

Woodside Energy gained 1.3% while smaller rival Santos rose 0.2%.

Healthcare sector jumped 0.7% with Australia's priciest stock CSL gaining 0.8%.

Utilities sector logged 2.2% gain, with AGL Energy jumping as much as 6.8% after the power producer hiked its annual earnings outlook.

Information technology firms rose 1.1% tracking gains of its U.S. peers while real estate stocks advanced 1.2%.

New Zealand's benchmark S&P/NZX 50 index traded flat at 11,840.7900.

The country's monetary policy decision is scheduled for later this month. At its last meeting, the Reserve Bank of New Zealand kept its cash rate of 5.5% unchanged.

($1 = 1.5099 Australian dollars) (Reporting by Rajasik Mukherjee in Bengaluru; Editing by Rashmi Aich)

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess

News in Numbers

Numbers that help you understand news better
₹68,885 Cr

3.15L

48%

₹6.7 T

$240.5 M

$459 M

$3 B

₹588.25 Cr

₹20,000 Cr

7.93 Cr

₹8,943 Cr

10%

20 Yrs

First Published:7 May 2024, 06:48 AM IST
HomeMarketsStock MarketsCommodity stocks lift Australian shares; RBA decision on tap

Most Active Stocks

Tata Steel

157.75
03:43 PM | 19 JUL 2024
-8.6 (-5.17%)

Tata Power

414.15
03:59 PM | 19 JUL 2024
-15.85 (-3.69%)

Bharat Electronics

306.30
03:45 PM | 19 JUL 2024
-7.2 (-2.3%)

Zee Entertainment Enterprises

137.55
03:57 PM | 19 JUL 2024
-4.9 (-3.44%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Tata Teleservices Maharashtra

102.11
03:59 PM | 19 JUL 2024
4.68 (4.8%)

Rail Vikas Nigam

614.00
03:59 PM | 19 JUL 2024
27.65 (4.72%)

Jubilant Pharmova

752.25
03:43 PM | 19 JUL 2024
25.3 (3.48%)

One 97 Communications

458.70
03:55 PM | 19 JUL 2024
13.65 (3.07%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    74,925.000.00
    Chennai
    74,558.000.00
    Delhi
    75,144.000.00
    Kolkata
    74,558.000.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanBudget