Join our daily newsletter At The Bell to receive exclusive market insights
The ASX200 closed down 0.36% at 8,393 points.
The Reserve Bank of Australia has left the cash rate on hold at 4.35% after its meeting today. The board says it will take more time to rein in inflation, but its gained some confidence inflation is moving sustainably towards target.
Materials was the best performing sector, up 3%, followed by Energy, up 1.3%, and Staples, up 0.7%.
Information Technology has had a shocker, down 4%, followed by Financials, down 1.75% and Real Estate, down 1.3%.
In the Green
BHP (ASX:BHP) closed up 3.06% on news China is planning to launch new stimulus next year to boost its economy. This led to commodity prices storming higher overnight amid hopes it could lift demand.
BHP closed at $41.83.
Treasury Wine Estates( ASX:TWE) closed up 4.00% after inking an agreement to acquire 75% of Ningxia Stone & Moon Winery for $27.5 million. The company is also experiencing tailwinds from China’s additional planned stimulus measures.
Treasury Wine Estates closed at $11.95.
Liontown Resources (ASX:LTR) closed flat in reaction to China’s stimulus measures. Investors are expecting the stimulus to increase demand for Chinese electric vehicles and for this to convert into a boost in demand for lithium.
Liontown Resources closed at 61 cents.
In the Red
Pro Medicus (ASX:PME) closed down 8.96% as the company was caught up in a sell off of the wider tech sector. The last three months has seen investors ride the wave of a 70% increase in the stock and needed little encouragement to take profits today.
Pro Medicus closed at $244.33.
Premier Investments (ASX:PMV) closed down 3.55% after going ex-dividend and market weakness combined to drag the stock lower.
Premier Investments closed at $35.01.
Life360 (ASX:360) closed down a further 5.24% after it dropped 8.3% in Monday’s session on revelations the stock’s weighting in the Russell indexes was miscalculated, forcing passive funds to re-adjust their positions.
Life360 closed at $22.77.
