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The RBA has done what everybody expected and raised interest rates to a 15-year-high for the country; the national bank rate now sits at 4.6%.
That raise is the fourth in recent history after moving ahead with three rate cuts last year. While the war in Iran has exacerbated things, existing pressures from the COVID era never actually went anywhere.
So, the RBA is now in the position of having undone every cut it’s made last year, and then some with today’s raise.
The good news is this was already priced in – or at least, that’s what it looks like as at 2.30pm AEST when looking at the XJO. The market immediately dropped after the data was released, though not by much. On the whole, the ASX200 continues to trade sideways, as it did all day.
Unsurprisingly, Real Estate was the worst performing sector of the day (as at 2.30pm AEST); IT was in the lead as the XTX bounced back followed by Materials. Perhaps surprisingly, Energy was also in the red down just over -1%.
As for the HotCopper boards, news from Stakk Ltd won the most read crown of the day after the company announced it’s now working with the US FBI.
The company was put on the map last year when it inked a deal with US trading app Robinhood and to a lesser extent NASDAQ-listed T-Mobile.
Since acquiring an AI-powered fraud detection software company, Stakk has started describing itself as such; it paid A$88M for the tech but investors were left in the dark as to what ROI might look like with this new contract.
Elsewhere, Great Boulder Resources seemed able to navigate a please explain from the ASX itself over potentially unusual share price movements; the company has pointed to a 3rd party newsletter as the culprit behind volatility on Thursday 24 September.
Drilling results released today saw more shares move than the 4wavg in the negative direction.
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