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ASX Retains Gains After RBA Decides Against Rate Cut

ASX Retains Gains After RBA Decides Against Rate Cut
Apr 07, 2015 By Wise-owl

The ASX was up 27.4pts, or .5 per cent, at 5926pts on Tuesday. Australian shares jumped over one per cent before retreating to a moderate .5 per cent after the Reserve Bank of Australia announced that it would not be cutting interest rates this month. The Energy sector led the market, up 1.16 per cent after oil gained overnight. In the US both the Dow Jones and S&P 500 were up .66 per cent each on Monday. European markets were mixed at the end of last week, with the DAX falling .28 per cent while the FTSE 100 rose .35 per cent. Asian markets were mostly up on Tuesday. The Hang Seng is up .77 per cent so far on Tuesday. The Shanghai Composite has jumped 1.86 per cent so far. The Nikkei 225 has made gains of 1.25 per cent near the end of trading hours on Tuesday.

Leighton Holdings Limited (ASX:LEI) was up 31c, or 1.49 per cent, at $21.15 per share. Habtoor Leighton Group, a subsidiary of Leighton Holdings, recently announced that it secured a $US608m deal with a Qatar company to build reservoirs and other water infrastructure projects in Qatar.

Navitas Limited (ASX:NVT) was down 3c, or .66 per cent, at $4.51 per share. Credit Suisse recently cut its rating of Navitas from neutral to underperform at a $4.60 per share target price.

Commonwealth Bank of Australia was down 33c, or .35 per cent, at $94.07 per share. Despite the fact that all of the other major Australian banks were up on Tuesday, CBA reversed the trend and closed lower on Tuesday.

Boral Limited (ASX:BLD) was down 9c, or 1.4 per cent, at $6.53 per share. Deutsche Bank recently downgraded shares of Australia’s largest construction material and building products company. The new forecast lowers the target price of Boral from $6.87 to $6.81.


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Wise-owl Author: Wise-owl Apr 07, 2015

China continues its onslaught as it targets the wine industry

Treasury Wine Estate (ASX: TWE) shares slid approximately 15% yesterday when the China wine dumping investigation was announced.

Author: Trevor Hoey Aug 19, 2020


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