ASX 200 sees slight dip and sectoral mixed performance

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ASX 200 sees slight dip and sectoral mixed performance
Credit: © Reuters.

On Tuesday, the S&P/ASX 200 index on the Australian Securities Exchange (ASX) dipped by 0.47% to settle at 7196.60 points. Investors are keenly awaiting key announcements from global central banks later this week, with the U.S. Federal Reserve, the Bank of England, and the Bank of Japan expected to make significant decisions related to interest rates.

A mixed performance was observed across sectors on the ASX 200. The Energy sector led with a 0.21% rise while the Utilities and Consumer Discretionary sectors remained stable. On the other hand, Materials, Property, and Staples sectors witnessed a downward trend, falling by 0.77%, 0.73%, and 0.70% respectively.

Minutes from the Reserve Bank of Australia's (RBA) September gathering were released on Tuesday, revealing that the board considered increasing interest rates but ultimately abstained due to recent substantial hikes. This release followed closely after Michele Bullock assumed her role as the new RBA chief on Monday.

Despite the RBA's decision, financial institutions such as JPMorgan Chase&Co anticipate further tightening, possibly in November, in response to inflation concerns. This expectation is partly driven by soaring oil prices that recently reached a 10-month high.

On corporate news, New Hope (OTC: NHPEF ) Corporation Ltd reported a 2.11% surge following strong FY23 results that showed an 11% profit rise and a declared fully franked dividend of 30 cents per share. Simultaneously, Newcrest Mining (OTC: NCMGF ) Ltd experienced a 1.37% increase after gold prices edged up and its proposed merger with Newmont Corporation received FIRB approval.

In terms of index modifications, Harvey Norman Holdings Limited was removed from the S&P/ASX 100 index and replaced by Liontown Resources Ltd. Other changes were also observed in the ASX 200 index constituents.

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