ASX edges higher as RBA holds rates steady
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The news: The Australian sharemarket rallied to end higher having extended Monday's steep declines at the start of trading, as the Reserve Bank kept rates on hold at 4.35%.
The numbers: The benchmark ASX 200 added 0.41% to end at 7,680.60 with 6 of the 11 sectors ending in green.
The best performing sector was consumer discretionary, up 1.61%, followed by A-REIT (1.3%).
Oil stocks Karoon Energy (2.1%) and Santos (1.9%) gained, while Ampol (-0.4%) and Beach Energy (-1.1%) fell, after crude prices rebounded on fears of an escalation of the war in the Middle East. Fellow energy major Woodside Energy finished 5.1% lower after announcing the USD2.35 billion ($3.61 billion) acquisition of a clean ammonia project in Texas.
Liontown Resources shares climbed 2.6% after the battery minerals company announced that the first delivery of spodumene concentrate from its Kathleen Valley lithium project has been made to Geraldton port.
Westpac shares lifted 0.7% as the big four lender closed its mortgage broking franchise RAMS Financial to new home loan applications after a strategic review into the business.
Treasury Wine gained 1.1% despite announcing a hefty impairment in its upcoming full-year results and outlined plans to divest its lower-end brands.
NextDC edged up 0.3% after the data centre operator secured a spate of contract wins, helping it lift contracted utilisation and its order book.
The worst performing sector was energy, down 1.84%, followed by telecommunications and information technology (both -0.34%).
Audinate was the worst performing stock across the ASX 200, diving 35.7% after the audiovisual technology company forecast declines in FY25 amid numerous anticipated headwinds.
Coronado Global Resources slipped 0.4% after posting a hit to half-year revenue and profit, weighed down by lower metallurgical coal sales prices and higher mining costs.
The Australian dollar is higher, buying 65.2 US cents.
The context: Overnight, traders will monitor new retail sales data from eurozone economies, as well as a raft of earnings from major US stocks including Airbnb, Uber and Disney.
In the local market, dual-listed gambling business Light & Wonder is among the ASX 200 companies due to report on Wednesday morning.
