AU Evening Wrap: Australia Shares Rise 1.0% as RBA Holds Rates
Market Performance
Australia's $S&P/ASX 200 (.XJO.AU)$ closed 1.0% higher at 7778.1, maintaining its early gains despite the Reserve Bank of Australia's warning on inflation.
All eleven sectors closed higher, with banks such as $CommBank (CBA.AU)$, $ANZ Group Holdings Ltd (ANZ.AU)$, $Westpac Banking Corp (WBC.AU)$ and $National Australia Bank Ltd (NAB.AU)$ gaining between 0.9% and 2.1%. Commonwealth reached a record A$127.98.
The materials sector ended a five-day losing streak, edging only 0.1% higher due to a 5.2% loss by iron-ore miner $Fortescue Ltd (FMG.AU)$, which offset the gains made by lithium miners.
Top News
RBA Rules Out Rate Cut in June Meeting
The Reserve Bank of Australia (RBA) has announced that it did not consider a rate cut during its June policy meeting. According to RBA Governor Michele Bullock, the board was instead "alert" to some upside risks. She noted that the central bank had discussed the possibility of a rate increase, but that nothing had been ruled in or out at this time.
"We're not ruling anything in or anything out at the moment," reiterated Bullock during a press conference. It is important to note that the text within quotation marks and parentheses remains unchanged, as per the user's request.
Tamboran Resources Announces Expected IPO Range of $24-$27 per Share
$Tamboran Resources Corp (TBN.AU)$ has announced the launch of its initial public offering (IPO) on the New York Stock Exchange. The expected price range is between $24 to $27 per share, according to a filing made on the Australian bourse on Tuesday.
The Australian natural gas firm plans to use the capital raised from the IPO to fund drilling, completion, and infrastructure for its proposed Shenandoah South pilot project in the Northern Territory. The company aims to achieve plateau rates at the project, with the final investment decision expected in mid-2024, as stated in the filing.
Source: Dow Jones Newswires, AFR, ASX
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