ASX rises as RBA holds rates steady
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The news: The Australian sharemarket closed higher after the Reserve Bank held rates steady at 4.35% at its June meeting.
The numbers: The benchmark ASX 200 climbed 1.01% to end at 7,778.1, with all 11 sectors finishing in green.
The best performing sector was utilities, up 2.36%, followed by financials (1.63%) and industrials (1.49%).
Commonwealth Bank finished the session 1.65% higher despite hedge fund Regal saying that it has taken a short position on Australia’s biggest lender, citing that it is one of the world’s most expensive valuations.
Capitol Health shares, up 9.26%, continued to advance while Integral Diagnostics gained 3.09% as it clawed back some of Monday's losses following the proposed merger of the two companies, while Macquarie analysts maintained their 'outperform' ratings on both stocks.
The worst performing sector was materials, up 0.07%, followed by energy (0.26%) and IT (0.4%).
Shares in Beach Energy dropped 2.72% after the troubled oil and gas producer outlined plans to slash costs following a strategic review.
The Australian dollar is higher, buying 66.25 US cents.
The context: Investors will also turn to monthly US retail sales data overnight, the primary gauge of consumer spending in the US, which accounts for the majority of the country's overall economic activity.
On Wednesday, the RBA will release its chart pack, updated eight times a year following each board meeting, which summarises macroeconomic and financial market trends in Australia.
