By Oliver Gray
Investing.com - The S&P/ASX 200 added 14.20 points or 0.19% to 7,527.90 during Tuesday’s deals, closing at the highest levels since January as Reserve Bank officials held interest rates steady despite a strong jobs market and growing inflation pressures.
Among stocks, Information Technology posted the largest gains, up 3.05% as Appen Ltd (ASX:APX) gained 2%, Block Inc (ASX:SQ2) gained 6.2%, Novonix Ltd (ASX:NVX) lifted 4.9%, Xero Ltd (ASX:XRO) increased 4.5% and Wisetech Global Ltd (ASX:WTC) added 2.6%.
Energy companies also lifted as WTI and Brent crude prices moved higher. Woodside Petroleum Ltd (ASX:WPL) added 2.8%, Santos Ltd (ASX:STO) gained 2.3%, Beach Energy Ltd (ASX:BPT) added 1.6% and Viva Energy Group Ltd (ASX:VEA) gained 3%.
Financials finished 0.4% higher as Macquarie Group Ltd (ASX:MQG) gained 0.5%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) dipped 0.3%. National Australia Bank Ltd (ASX:NAB) lifted 0.3%, Westpac Banking Corp (ASX:WBC) added 0.6% and Commonwealth Bank Of Australia (ASX:CBA) gained 0.6%.
On the bond markets, Australia 10-Year rates were at 2.857% while United States 10-Year yields were at 2.43%.
Among currencies, the Aussie surged to fresh 10-month highs following the RBA’s interest rate decision. The currency has been gaining strength in the past month because its value is closely tied to commodities, which are increasing as the Russian invasion of Ukraine pressures commodity prices. The US Dollar Index was trading near 23-month highs of 98.943.
In New Zealand, the NZX 50 added 0.57% to 12,121.