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Australian Shares Snap 7-Session Losing Streak, RBA Governor Speaks

Published 21/06/2022, 10:40 am
Updated 21/06/2022, 10:44 am
© Reuters

© Reuters

By Oliver Gray 

Investing.com - The S&P/ASX 200 added 66.9 points or 1% to 6,500.3 after the first 45 minutes of Tuesday's trade, snapping 7 sessions of consecutive declines and lifting from 16-month lows amid a broad relief rally as investors digested comments from RBA Governor Lowe’s speech to the American Chamber of Commerce.

ASX 200 Futures were little changed at 6,393.

Among stocks, Materials companies were up 1.8% overall, with Rio Tinto Ltd (ASX:RIO) adding 1.7%, BHP Billiton Ltd (ASX:BHP) up 1.6%, Fortescue Metals Group Ltd (ASX:FMG) gaining 2.3% and Champion Iron Ltd (ASX:CIA) up 2.5%.

Information Technology added 0.6% collectively, with Block Inc (ASX:SQ2) adding 0.5%, Appen Ltd (ASX:APX) easing 1%, Megaport Ltd (ASX:MP1) down 0.9%, Link Administration Holdings Ltd (ASX:LNK) adding 1.5%, Novonix Ltd (ASX:NVX) gaining 6.8%, Xero Ltd (ASX:XRO) up 0.7% and Altium Ltd (ASX:ALU) up 1.8%.

Financials lifted 1.8%, as Macquarie Group Ltd (ASX:MQG) added 0.7%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) gained 1.2%, Commonwealth Bank Of Australia (ASX:CBA) lifted 0.8%, National Australia Bank Ltd (ASX:NAB) added 1.7%, while Westpac Banking Corp (ASX:WBC) gained 0.8%.

Coming up in the session, market participants will be closely monitoring the release of the RBA's latest meeting minutes.

On the bond markets, Australia 10-Year rates were at 4.101%.

In New Zealand, the NZX 50 added 54.2 points or 0.5% to 10,642.4.

Latest comments

Who on earth would take Lowe's comments seriously
what like no rate rises til 2024. if the RBA were a business, the board woulf be thrown out. wait til nth hemi winter and see what an energy crisis looks like.
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