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ASX Review: ASX Falls and AUD Gains on Back of Interest Rate Decision

ASX Review: ASX Falls and AUD Gains on Back of Interest Rate Decision
Jun 02, 2015

The ASX was down 99.4pts, or 1.80 per cent, at 5651.8pts on Tuesday. The market followed a steep downward trend in the morning as it awaited the monetary policy meeting announcement on Tuesday. The outcome was in line with market speculation that the RBA would decide against an additional interest rate cut. Australian shares fell even further after the announcement, but less than the morning selloff.

Many main sectors were down heavily, including Metals and Mining, Materials and Industrials, which were down 2.28, 2.22 and 2.01 per cent respectively. The influential Financials index also fell significantly, down 1.88 per cent on the day. The Australian dollar made major gains after the RBA’s decision. The AUD is trading at US$0.7679 around 4:25pm AEDT, a rise of 0.96 per cent in the last 24 hours.

International markets were mostly up in the previous day of trading. US markets were up slightly, with the Dow Jones up 0.16 per cent and the S&P 500 up 0.21 per cent. European markets were mixed, with the DAX up 0.19 per cent and the FTSE 100 down 0.44 per cent. The main Japanese market barely managed to continue its strong and consistent upward trend yesterday, rising only 0.06 per cent. The Nikkei 225 is down 0.09 per cent near the end of trading on Tuesday. Chinese markets are down so far on Tuesday, with the Hang Seng down 0.85 per cent and the Shanghai Composite down 0.25 per cent.

Virtus Health Limited (ASX:VRT) was down $1.52, or 19.92 per cent, at $6.11 per share. Virtus reduced its earnings guidance on Tuesday after it announced significant headwinds facing the company.

Regis Resources (ASX:RRL) was up 6.5c, or 5.58 per cent, at $1.23 per share. Regis bucked the downward trend in the Mining sector on Tuesday, rising over 5 per cent on the day.

BHP Billiton (ASX:BHP) was down 86c, or 2.95 per cent, at $28.33 per share. The mining giant continued to deal with low commodity prices on Tuesday, falling almost twice as much as the ASX in general.

Pact Group (ASX:PGH) was down 2c, or 0.48 per cent, at $4.19 per share. The company confirmed market speculation that it was in talks with Jalco for a potential acquisition deal.

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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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