The native share market is down barely forward of the Reserve Bank’s resolution on rates of interest.
At midday AEST on Tuesday the benchmark S&P/ASX200 index was down 16 factors to 7,162.3, a 0.32 per cent drop. The broader All Ordinaries was down 11.5 factors, or 0.15 per cent, to 7,512.7.
The Reserve Bank’s rate-hike resolution is ready to be introduced at 2.30pm, with 21 out of 42 specialists polled by Finder predicting the central financial institution would enhance the money charge by 25 foundation factors and two extra specialists forecasting a smaller 15 foundation level hike.
Nineteen of the panellists believed the RBA would preserve charges on maintain at 3.6 per cent for a second month in a row, an final result additionally predicted as a certainty by the ASX’s 30-day interbank money charge futures contract.
“”This month’s result’s the tightest we have seen because the RBA began mountain climbing the money charge, highlighting the problem of managing inflationary pressures with out breaking too many family budgets,” said Graham Cooke, head of consumer research at Finder.
Seven of the ASX’s 11 sectors were down at midday, with consumer discretionary and property flat, health care up slightly and tech up 0.8 per cent.
Industrials were the biggest losers, down 0.9 per cent, with Qantas falling 2.2 per cent to $6.59 after CEO Alan Joyce announced he would retire in November. He’ll be replaced by chief financial officer Vanessa Hudson, a 28-year veteran with the airline.
In consumer staples, Endeavour Group had sunk 2.6 per cent to $6.595 after the alcohol retailer announced third-quarter group sales had risen 3.7 per cent to $2.83 billion.
Managing director and CEO Steve Donohue called it a “stable gross sales outcome” across both retail and hotels.
Woolworths was down 0.5 per cent to $38.71 after the supermarket giant announced third-quarter group sales rose 8.0 per cent to $16.4 billion.
The heavyweight mining sector was down 0.5 per cent with BHP down 0.8 per cent, Fortescue Metals down 0.3 per cent and Rio Tinto dropping 1.0 per cent.
The big banks were having a quiet day, with Westpac, NAB and CBA all up 0.1 per cent and ANZ down 0.3 per cent.
The Australian greenback was shopping for 66.34 US cents, from 66.41 US cents at Monday’s ASX shut.
Source: www.perthnow.com.au
