ASX Update: Macquarie Helps Steady Nerves As RBA Meets

The Market Herald2023-02-07

Australian shares steadied ahead of this afternoon’s interest rate announcement as a strong trading update from Macquarie Group lifted the financial sector.The S&P/ASX 200 overcame early weakness to ...

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The cash rate target is expected to rise 25 basis points when the bank announces the new rate this afternoon.Gains in the heavily-weighted banks, energy producers and utilities kept the market in the green. Real estate investment trusts and consumer stocks were among the morning’s biggest drags.What’s driving the marketShares edged higher ahead of one of the most keenly-awaited policy meetings in recent years. Most economists expect the RBA to raise the cash rate target a quarter-point to 3.35 per cent, but a run of mixed economic data has kept upside and downside surprises on the table.A bigger hike of 40 or 50 basis points would likely trigger a 100-point dive on the ASX, according to IG market analyst Tony Sycamore. The dollar would jump around half a percentage point.Alternatively, the ASX 200 could rally up to 100 points if the bank unexpectedly left rates on hold at 2.30 pm AEDT. The dollar would dive around 70 basis points.The bank’s decision-makers gathered as economic data underlined the impact of last year’s aggressive rate hikes. Consumer confidence suffered its biggest setback last week since August. The ANZ-Roy Morgan confidence index fell 3.2 points to 83.6 points.The outlook for interest rates directed overnight trade on financial markets. Stocks fell and the US dollar and bond yields rallied as Friday’s bumper US job gains continued to reverberate.The S&P 500 dropped 0.61 per cent to a second-straight loss. The rate-sensitive Nasdaq lost 1 per cent.“I think the market is in a reassessment mode, and that’s why you see markets pull back a little bit, certainly post the jobs report, and we’re seeing a little bit more today,” Sinead Colton Grant, global head of investor solutions at BNY Mellon Wealth Management, told CNBC.Going upMacquarie Group climbed 1.19 per cent to its highest since May after a strong third quarter kept the banking group on track for a record year. Net profit for the nine months to the end of last year was “slightly up” on the prior corresponding period. Commodities income was expected to be “substantially up” on FY22.The big four-high-street banks all advanced. ANZ gained 1.21 per cent, NAB 0.13 per cent, Westpac 0.23 per cent and CBA 0.11 per cent.Newcrest lifted 0.41 per cent as investors waited to see if Newmont’s takeover offer triggers a bidding war. Hopes of a rival bid from the world’s second-largest gold miner, Barrick Gold, dimmed when its CEO Mark Bristow said a deal with Newcrest “doesn’t make sense right now”.A 6.78 per cent surge in Newcastle coal prices lifted local miners. Whitehaven gained 5.32 per cent, New Hope 5.13 per cent and Coronado 2.36 per cent.Health insurer Medibank advanced 1.52 per cent after deferring a premium increase for two months. Rival nib holdings dipped 0.06 per cent after delaying a 2.72 per cent premium increase until September 1. CEO and Managing Director Mark Fitzgibbon said the firm remained committed to not profiteering from the Covid-19 pandemic.Nuix remained in a trading halt after the Federal Court dismissed a $183 million claim from former CEO Eddie Sheehy.Going downTransurban eased 0.23 per cent as the departure of long-term CEO Scott Charlton took some of the shine off a distribution upgrade. Charlton will leave at the end of the year after 11 years at the helm.The toll road operator expects to pay shareholders a full-year distribution of 57 cents per share, four cents higher than prior guidance. The increase follows record first-half traffic volumes and toll revenues.Strong first-half improvements in revenues and margins briefly lifted Cettire. An “exceptional” half saw the online luxury goods retailer’s gross revenue increase 57 per cent from the prior corresponding period to $242.7 million.Delivered margin increased 90 per cent. The company said positive trading momentum continued into the new year, with January sales revenue up 80 per cent on the pcp. The share price rallied more than 4 per cent before reversing to a loss of 0.82 per cent.The prospect of a “materially stronger” second half helped healthcare provider Healius weather a 64.4 per cent slump in first-half earnings. The diagnostic imaging firm said the result was dented by the end of large-scale Covid testing. The firm saw a late January/early February rebound in revenues. The share price eased 1.47 per cent.Property investment manager Centuria Capital slid 3.17 per cent after reporting a 34 per cent decline in first-half statutory profit from the prior corresponding period. Operating profit was broadly steady at $58.5 million. The company reaffirmed its full-year guidance.Automotive accessories retailer ARB slumped 7.41 per cent following yesterday’s soft trading update and a ratings downgrade from Macquarie.At the heavyweight end of the market, Goodman Group shed 1.69 per cent, Woolworths 0.74 per cent and Telstra 0.36 per cent.Other marketsAsian markets edged higher. The Asia Dow firmed 0.38 per cent, China’s Shanghai Composite 0.2 per cent, Hong Kong’s Hang Seng 0.31 per cent and Japan’s Nikkei 0.21 per cent.US futures rebounded from two days of stock market losses. S&P 500 futures rallied 11 points or 0.27 per cent.Oil built on last night’s 1.3 per cent rally. 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