ASX Close: Market Trims Gains As RBA Signals Rate Hikes Ahead

the market herald2022-04-05

The dollar jumped and the share market gave back most of its gains after the Reserve Bank opened the door to rate increases.The central bank left the cash rate at a record-low 0.1 percent, but dropped...

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WifeWhyWhy
2022-04-06
WifeWhyWhy
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2022-04-06
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2022-04-06
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2022-04-05
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2022-04-05
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2022-04-05
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Equity and currency investors interpreted that as a sign the bank could move as soon as next month.The dollar jumped more than half a cent to its highest in almost ten months. The S&P/ASX 200 slashed an advance of 60 points to 14 points or 0.19 percent.What moved the marketThe dollar took wing and equity investors reduced their exposure after the RBA finally joined a global move towards higher rates. At the last meeting before the federal election, the bank adjusted policy guidance to clear the way for higher rates. Crucially, the bank dropped a reference to being “patient”.“It does now appear a hike is on the cards within the next few months,” City Index senior market analyst Matt Simpson said.“Removing the word ‘patient’ from their statement is as good a sign from the ‘reserved’ RBA as we can expect under the circumstances,” he added.The dollar climbed 0.94 percent to 76.14 US cents. Rate-sensitive growth stocks trimmed strong early gains.“The RBA has put a time frame on its next rate rise, saying “Over coming months, important additional evidence will be available to the Board on both inflation and the evolution of labour costs”,” Peter Esho, co-founder of property investment company Wealthi, said.“We interpret that to mean that rates will rise in the second half of this year. Perhaps June, July or August.”Earlier, the ASX 200 hit its highest level since the first week of the year following positive leads from Wall Street and commodity markets. Tech stocks set the pace after the Nasdaq outperformed overnight. Energy providers rose with crude. The materials sector stepped back from yesterday’s record.The Nasdaq Composite surged 1.9 percent overnight as Elon Musk’s purchase of a large stake in Twitter rekindled interest in some of this year’s worst-performing corners of the market. The broader S&P 500 put on 0.81 percent.Winners’ circleThe ASX tech sector climbed 3.1 percent to its highest since mid-January. Afterpay parent Block rose 6.22 percent, Altium 3.21 percent and Xero 4.49 percent. Appen gained 2.03 percent, WiseTech 2.56 percent and Tyro Payments 1.49 percent.The energy sector hit a pandemic-era high after the threat of new sanctions against Russia lifted energy prices. Brent crude built on a 3 percent overnight gain, rising another US$1.54 or 1.3 percent this afternoon to US$109.07 a barrel.Woodside Petroleum climbed 2.76 percent, Santos 2.27 percent and Beach Energy 1.6 percent. Ampol rose 2.96 percent.Macquarie Group shrugged off news ASIC launched civil penalty proceedings against Macquarie Bank over alleged failure to monitor its financial advisors. The proceedings follow an embezzlement case where a former Macquarie advisor stole $2.9 million from clients. Macquarie shares edged up 0.47 percent.Perpetual bounced 1.89 percent a day after pitching a $2.4 billion takeover offer at rival Pendal Group. Pendal shares gained 1.51 percent.The utilities sector rose to its highest since August 2020 following a positive night for defensive assets in the US. Origin Energy firmed 3.11 percent. AGL added 2.62 percent.DoghouseBattery metal suppliers took a breather after leading for the last two sessions. Lynas Rare Earths eased 5.71 percent. Lithium minersAVZ Minerals and Liontown Resources retreated 7.89 and 6.13 percent, respectively. Further down the food chain, Arizona Lithium shed 12.5 percent.Turbulence in the nickel market appeared in danger of thwarting IGO Ltd’s attempt to acquire rival Western Areas. IGO shares fell 2.93 percent after an Independent Expert found its offer price was not in the best interests of Western Areas shareholders. Western Areas shares entered a trading halt pending an announcement.Elsewhere in the mining space, De Grey Mining dropped 3.42 percent, Gold Road Resources 3.4 percent and South32 2.66 percent. BHP dipped 0.97 percent and Rio Tinto 0.35 percent.Gut microbe analyser Microba Life Sciences made an undistinguished start to life on the boards. The share price sank 22.22 percent upon listing today.At the speculative end of the market, some of last week’s best performers suffered heavy setbacks. Tempest Minerals dropped 19.23 percent, Pursuit Minerals 12.2 percent and Consolidated Zinc 12.77 percent.Other marketsA flat session on Asian markets saw the Asia Dow add 0.11 percent and Japan’s Nikkei 0.14 percent. Trade in China was suspended for a public holidayUS futures also retreated. S&P 500 futures backed off three points or less than 0.1 percent.Gold drifted down 70 US cents or 0.04 percent to US$1,933.30 an ounce.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9016281689,"gmtCreate":1649201340695,"gmtModify":1676534467677,"author":{"id":"3580799596568967","authorId":"3580799596568967","name":"WifeWhyWhy","avatar":"https://static.tigerbbs.com/27b090f2d194da555f7652c92f28fc6b","vip":1,"crmLevel":5,"crmLevelSwitch":1,"authorIdStr":"3580799596568967","idStr":"3580799596568967"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016281689","repostId":1141762710,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9016217554,"gmtCreate":1649201156239,"gmtModify":1676534467521,"author":{"id":"4093342164840720","authorId":"4093342164840720","name":"rlgt","avatar":"https://static.itradeup.com/news/58d2ace40c246b4d062d7966a2cb3d25","vip":1,"crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"4093342164840720","idStr":"4093342164840720"},"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016217554","repostId":1141762710,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9016639783,"gmtCreate":1649175271946,"gmtModify":1676534464014,"author":{"id":"3580811689622706","authorId":"3580811689622706","name":"Cynderella","avatar":"https://static.tigerbbs.com/97dc932d1229cc66333c4946fed9fc7c","vip":1,"crmLevel":5,"crmLevelSwitch":0,"authorIdStr":"3580811689622706","idStr":"3580811689622706"},"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016639783","repostId":1141762710,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9016834478,"gmtCreate":1649165189744,"gmtModify":1676534461582,"author":{"id":"3570776252336545","authorId":"3570776252336545","name":"KelvinChan","avatar":"https://static.tigerbbs.com/322f5dea7567e161ddef26aec462d83d","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3570776252336545","idStr":"3570776252336545"},"htmlText":"Tiger&nbsp;","listText":"Tiger&nbsp;","text":"Tiger","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016834478","repostId":1141762710,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9016893370,"gmtCreate":1649163022253,"gmtModify":1676534461179,"author":{"id":"4087473897023050","authorId":"4087473897023050","name":"CW37","avatar":"https://static.tigerbbs.com/8017b0b5389b68d3666c7996d3950287","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"4087473897023050","idStr":"4087473897023050"},"htmlText":"tiger","listText":"tiger","text":"tiger","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016893370","repostId":1141762710,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9016172837,"gmtCreate":1649160436190,"gmtModify":1676534460678,"author":{"id":"3574044380631135","authorId":"3574044380631135","name":"Alkid","avatar":"https://static.tigerbbs.com/d584ca72b32575d58fab92034b2973bc","vip":1,"crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3574044380631135","idStr":"3574044380631135"},"htmlText":"Okay","listText":"Okay","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016172837","repostId":1141762710,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":334,"commentSize":30,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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