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The Australian sharemarket advanced on Tuesday after BHP bettered expectations with a $US5.64 billion ($8 billion) profit in the first half, sending the mining giant’s share price to a record high.
The S&P/ASX 200 Index rose 21.80 points, or by 0.2 per cent, to 8958.90, with four of the 11 sectors higher. Volumes are more subdued with Wall Street shut for Presidents’ Day overnight, and China closed for the week for the Lunar New Year.
Materials were the best-performing sector on the ASX, led by a 4.7 per cent surge in BHP to $52.74 – adding more than $15 billion to its market capitalisation as the stock hit a record high of $54.20.
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The Australian sharemarket has extended early gains to be solidly in the green at lunchtime, with BHP jumping on the back of a bumper half-year result.
The S&P/ASX 200 was up 56.3 points, or 0.6 per cent, at the open, with seven of 11 industry sectors in positive territory, led by materials.
BHP surged 6.9 per cent after reporting a 28 per cent rise in half-year profit to $US5.64 billion ($8 billion) with copper becoming the mining giant’s biggest earner. Fellow commodities heavyweights Rio Tinto and Fortescue each climbed 0.2 per cent while gold miners retreated, with Northern Star losing 1.2 per cent and Evolution Mining 2 per cent lower. Silver major South32 jumped 2.2 per cent.
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The Reserve Bank has hiked the cash rate 0.25 percentage points to 3.85 per cent, in its first rate rise in more than two years.
The Australian dollar has rallied on the rate hike, while the ASX 200 has come off its highs but remains positive.
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Betashares chief economist David Bassanese has issued a note with his take on today.
"The Reserve Bank has today bared its teeth by re-asserting its determination to bring down inflation," he says.
His reading is the RBA board "judges that solid demand in the face of limited spare economic capacity is also playing an important role" to push up inflation.
ASX trims strong gains as RBA signals rates could rise further
RBA won’t tell Labor what to do with fiscal policy: Bullock
Productivity is the issue which the RBA can’t control says Bullock
The Australian sharemarket rose on Tuesday, but finished softly after the Reserve Bank of Australia delivered its first interest rate hike since 2023 – the first by a major economy this cycle.
The S&P/ASX 200 Index rose 78.5 points, or 0.9 per cent, to 8,870.60, with 10 of 11 sectors in positive territory, rebounding from Monday’s 90-point loss. The RBA’s 25-basis-point riseto 3.85 per cent briefly cooled the rally, which had peaked at 8,896.60 and was shaping up to be the index’s biggest gain since November. The unanimous decision pushed the dollar up 0.8 per cent to US70.09c.
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The Australian sharemarket has given up some of its earlier gains after the Reserve Bank raised official interest rates for the first time since 2023, saying inflation would remain outside its target band.
The S&P/ASX 200 was up 0.8 per cent or 73.4 points at 3.25 pm, after trading 1.2 per cent higher earlier in the day. All sectors were in the green except for utilities, with miners and technology the strongest performing sectors.
The Reserve Bank raised interest rates by 0.25 percentage points to 3.85 per cent, in a move that prompted a small retreat in the ASX200 and also sent the Australian dollar above US70¢ shortly after the decision.
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The ASX has fallen steeply, led by technology stocks, in response to a sharp drop on Wall Street overnight.
The benchmark's biggest stock, the CBA, fell 1.8 per cent, while the world's biggest miner, BHP dropped 1.3per cent.
TPG Telecom suffered the biggest fall of the session, plummeting 32 per cent by the close.
All eyes are now Wall Street, which will likely set the tone for the local share market's open on Monday.
And please watch out for markets analysis on the ABC News website Saturday morning — it is coming.
A sincere thanks on behalf of the ABC's Business Reporting Team for spending time with us on the blog.
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The reality that central banks may not be able to deliver aggressive interest rate cuts has unleashed a sell-off in the hottest pockets of financial markets, where concerns are intensifying that valuations are far too stretched.
The S&P/ASX 200 Index sank 1.4 per cent on Friday to its lowest level since mid-July, in a broad sell-off which wiped $37 billion in market value. The benchmark posted a weekly decline of 1.5 per cent.
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The dynamic landscape of current events often brings forth significant discussions. Monitoring these developments provides crucial insights.
For more detailed information, explore updates concerning ASX drops sharply.
