ASX Rises Despite Wall St Friday Drop, Traders Eye Tomorrow’s RBA Rate Decision

Australian stocks have opened higher, ahead of the Reserve Bank’s interest rate decision on Tuesday.

Global stocks broadly ended lower last week as investor sentiment remained tempered by fears of aggressive rate-hike bets coupled with fears of further disruptions to European gas supplies from Russia.

However, the ASX 200 was up 28 points, or 0.4 percent, at 6,857 at 10:17 am AEST, with energy shares (+2.4 percent) leading the gains.

Whitehaven Coal jumped 4.6 percent, Coronado Global Resources firmed 4.4 percent and Beach Energy gained 4 percent.

Other resource shares were generally higher, with BHP 2 percent and Rio Tinto 1.5 percent.

However, Fortescue weighed on the market after its ex-dividend today, down 5.6 percent.

Imugene was another big loser, losing 4.1 percent at the open.

The Australian dollar fell to 67.93 US cents, while Brent crude rose, trading at $94.59 a barrel.

Be the first to comment

Leave a Reply

Your email address will not be published.