End of Day Report – Tuesday 17 March: ASX 200 up 31 - RBA hikes as expected - Close Call - Oil higher - Fed meeting begins

The ASX 200 rose 31 points to 8614 (0.4%) despite the RBA raising rates as expected. The vote was close though, 5-4, a dovish hike. Banks were firm on the rate hike, CBA up 0.3% and the Big Bank Basket up to $302.60 (0.5%). Insurers better, even REITs firmed with GMG up 1.2% and SCG rising 1.1%. Healthcare under pressure, RMD falling another 0.6% and SIG down 1.1%. Industrials mixed, WES down 1.6% and ALL off 2.0% with REA and CAR falling again. Tech remains on the nose, WTC down 3.0% and XRO off 1.7%. The All -Tech Index down 1.4%.

In resources, iron ore stocks steadied, BHP up % and gold miners showing gains with bargain hunters emerging. EVN up 3.7% and GGP up 3.9%. Lithium and rare earths slid slightly, PLS down 1.9% and LYC off 4.6% on profit taking. Oil and gas mixed, STO up WDS down. Coal stocks under pressure with uranium stocks slightly firmer.

In corporate news, PPM fell 14.9% as CGF amended its NBIO downwards. PXA also slightly firmer on a deal to divest ‘Informed Decisions’. WAF rose 5.8% after stronger results and OBM gained on a broker upgrade.

On the economic front, the RBA increased rates by 25bps as anticipated. Close call though. Consumer confidence has fallen to the lowest since March 2020. The ACCC is talking to fuel companies too.

10-year yields steady at 4.98%.

Asian market weaker on oil prices, Japan up 0.5%, HK up 1.0% and China up 0.3%. Oil slightly higher in Asian trade.

US Futures: Dow down 95 Nasdaq down 57

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