The Australian sharemarket has recouped some of Tuesday’s decline as industrials and miners are leading a broad-based rally. The major banks are the exception, extending their fall after the Reserve Bank’s outsized interest rate hike yesterday.
At noon, the S&P/ASX 200 is 0.8 per cent or 57 points higher at 7,153. The SPI futures are pointing to a rise of 57 points.
Industrials are up 2.8 per cent, lifted by Atlas Arteria (ASX:ALX) surging over 16 per cent to $8.24 after IFM Global Infrastructure Fund obtained a 15 per cent stake in the toll road group. Utilities have added 2.7 per cent, materials and energy have both added 2.2 per cent, and information technology has advanced 1.8 per cent. Financials are down 1.5 per cent.
Morgan Stanley wrote that an aggressive rate hiking cycle by the RBA “increases tail risks” for banks. Westpac (ASX:WBC) is down 4.5 per cent to $22.35, National […]
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