Australian Shares Little Changed Ahead of RBA Meeting

  • Stock Market News
Australian Shares Little Changed Ahead of RBA Meeting
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 was down just 1.30 points to 7,345.70 during after the first hour of Tuesday’s trade as investors brace for a possible interest rate rise by the Reserve Bank later today following a volatile session on Wall Street overnight ahead of the U.S. Federal Reserve meeting to consider its next move on interest rates. 

ASX 200 Futures were pointing 0.2% higher.

Among stocks, Financial companies were down 0.3% collectively as Australia and New Zealand Banking Group Ltd (ASX: ANZ ) lost 0.7%, National Australia Bank Ltd (ASX: NAB ) dipped 1%, Westpac Banking Corp (ASX: WBC ) lost 0.3% and Commonwealth Bank Of Australia (ASX: CBA ) fell 1%.

Real estate companies decreased 0.2% overall as Mirvac Group (ASX: MGR ) lost 2.1%, Charter Hall Group (ASX: CHC ) fell 1%, Goodman Group (ASX: GMG ) dipped 0.3% and Stockland Corporation Ltd (ASX: SGP ) declined 1.5%.

However, the Technology sector bucked the trend, up 2.1% as Block Inc (ASX: SQ2 ) gained 5%, Appen Ltd (ASX: APX ) lifted 5.5%, Megaport Ltd (ASX: MP1 ) gained 3.7%, Link Administration Holdings Ltd (ASX: LNK ) lifted 1.2%, Novonix Ltd (ASX: NVX ) added 3.2% and Brainchip Holdings Ltd (ASX: BRN ) gained 3.8%.

Inghams Group Ltd (ASX: ING ) declined 5% as the company noted a slower than expected recovery due to ongoing pandemic and weather events.

Meantime, In a message to shareholders on Tuesday morning announcing the business’ third-quarter trading results, Woolworths Ltd (ASX: WOW ) chief executive Brad Banducci called for an increase in retail workers’ wages to combat increasing inflation pressures across the industry.

On the bond markets, Australia 10-Year rates were at 3.293%, the highest level since November 2014, while United States 10-Year yields were at 3-year highs of 2.977%.

In New Zealand, the NZX 50 declined 0.1% to 11,772.

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