By Oliver Gray
Investing.com - The S&P/ASX 200 added 28.90 points or 0.42% to 6,881.10 after the first hour of Tuesday’s trade, as market participants prepare for a further 50 basis point rate rise by the Reserve Bank of Australia.
ASX 200 Futures were pointing 0.3% higher.
Among stocks, Energy led the gains, lifting 0.6% collectively amid higher crude oil and coal prices. Woodside Energy Ltd (ASX:WDS) added 0.4%, Santos Ltd (ASX:STO) gained 0.3% and South32 Ltd (ASX:S32) added 1.1%.
Materials gained 0.6% as Rio Tinto Ltd (ASX:RIO) fell 0.1%, BHP Group Ltd (ASX:BHP) added 0.8%, Fortescue Metals Group Ltd (ASX:FMG) gained 1% and Champion Iron Ltd (ASX:CIA) lifted 2.8%.
Utilities were down 1.1% as Mercury NZ Ltd (ASX:MCY) fell 1.6%, AGL Energy Ltd (ASX:AGL) lost 1.3% and Origin Energy Ltd (ASX:ORG) dipped 2.5%.
Meantime, CSL Ltd (ASX:CSL) added 0.3%, Bluescope Steel Ltd (ASX:BSL) fell 1.2%, and Northern Star Resources Ltd (ASX:NST) fell 0.8% as the companies traded ex-dividend.
Ahead in the session, Reserve Bank of Australia policymakers are expected to raise the cash rate by a further 50 basis points during today’s meeting, lifting rates to 2.35%, the highest levels since December 2014.
On the bond markets, Australia 10-Year rates were at 3.675% while United States 10-Year yields were at 3.214%.
In New Zealand, the NZX 50 was down 0.2% to 11,597.4.