AU Evening Wrap: Shares retreat as RBA hikes interest rates
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• ASX 200 closed lower Tuesday, dropping 25.70 points or 0.38% to 6,826.50.
• Top gainers: $Paladin Energy Ltd (PDN.AU)$ $Pilbara Minerals Ltd (PLS.AU)$ $Yancoal Australia Ltd (YAL.AU)$
• Top losers: $Breville Group Ltd (BRG.AU)$ $Incitec Pivot Ltd (IPL.AU)$ $Mercury NZ Ltd (MCY.AU)$
- moomoo News AU
The share market declined after the Reserve Bank raised the official interest rate by 50 basis points and showed no sign it was ready to slow the pace of increases.
The $S&P/ASX 200 (.XJO.AU)$ closed 26 points or 0.38 per cent in the red after earlier rising as much as 36 points.
The index surrendered most of its gains before the RBA's 2.30 pm rates announcement. The market continued lower as interbank futures showed the odds on another 50 bp hike next month increasing.
Gains in tech and energy stocks were outweighed by declines in mining and banking.
Lithium miners were boosted by a round of broker upgrades. $Pilbara Minerals Ltd (PLS.AU)$ jumped 7.03 per cent to an all-time high after Jefferies raised its price target. $Allkem Ltd (AKE.AU)$ gained 4.3 per cent after retaining its 'Outperform' rating at Macquarie. $Lake Resources NL (LKE.AU)$ put on 9.55 per cent, $Liontown Resources Ltd (LTR.AU)$ 5.69 per cent and $Core Lithium Ltd (CXO.AU)$ 9.93 per cent.
The tech sector firmed 0.7 per cent to its first gain in four sessions. $EML Payments Ltd (EML.AU)$ added 4.65 per cent, $Megaport Ltd (MP1.AU)$ 5.22 per cent and $BrainChip Holdings Ltd (BRN.AU)$ 2.26 per cent.
Fund manager $Magellan Global Fund (MGF.AU)$ dropped 2.01 per cent to a seven-week low as clients continued to pull investments. The business reported net outflows of $1.3 billion last month. Funds under management contracted to $57.6 billion from $60.2 billion in July.
$Incitec Pivot Ltd (IPL.AU)$ retreated 3.66 per cent after outlining further details of its plan to divide its explosives and fertiliser businesses into separately listed companies. The firm told an Investor Day that earnings were benefitting from a favourable commodity cycle, but the fertiliser business had been impacted by higher gas costs and lower demand.
S&P/ASX 200 Movers for Tuesday (6/9)
![AU Evening Wrap: Shares retreat as RBA hikes interest rates](https://ussnsimg.moomoo.com/feed_image/151000101/3ce354e6091732d7a19bcdd616dd3c28.png/bigmoo)
How to find the above information in moomoo app:
1. Open moomoo app
2. Search for and tap on ".XJO"
3. Roll down to see "Constituent Stocks"
4. You can filter the list based on "%Chg"
2. Search for and tap on ".XJO"
3. Roll down to see "Constituent Stocks"
4. You can filter the list based on "%Chg"
10 Top-Traded AU Stocks for Tuesday (6/9)
![AU Evening Wrap: Shares retreat as RBA hikes interest rates](https://ussnsimg.moomoo.com/feed_image/151000101/9347bf72a9a3358d946ccec3893d2032.png/bigmoo)
How to find the above information in moomoo app:
1. Open moomoo app
2. Tap your finger on "Market" and "AU"
3. Roll down and tap on "Main Board"
4. You can filter the list based on "Turnover"
1. Open moomoo app
2. Tap your finger on "Market" and "AU"
3. Roll down and tap on "Main Board"
4. You can filter the list based on "Turnover"
Source: Dow Jones Newswires, The Market Herald
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