ASX up ahead of rates call

ASX up ahead of rates call

The share market edged up to finish in the green at the closing bell for the fifth consecutive day of trading.

The S & P/ASX200 closed 0.6 per cent higher, up 40.5 points, to close at 7318.8 points, led by gains in mining and energy stocks on the back of increased optimism about China after authorities rolled out further measures to boost housing demand.

Staples and utilities sectors were the weakest sectors, falling 0.6 per cent and 0.5 per cent respectively.

The broader All Ordinaries also closed higher, up 0.5 per cent or 35.8 points, to 7525.7 at the end of trading.

Lithium miner Liontown Resources was the top performing stock on the ASX200, rallying 8.8 per cent to $2.85 a share after announcing it would accept an increased $6.6bn takeover bid from US giant Albemarle, the world’s largest lithium producer.

Qantas shares fell again by 2.9 per cent to an 11 month low of $5.65 after it issued an apology to customers over allegations that it engaged in “false, misleading and deceptive conduct” by the ACCC for selling tickets for flights that were already cancelled.

SkyCity Entertainment Group‘s shares plummeted by almost 15 percent, reaching their lowest point since August 2020 after the gambling giant disclosed that its New Zealand licence faces a potential suspension.

Increasing iron ore prices saw shares in BHP jump by 2.7 per cent to $45.93, while Rio Tinto rose 2.5 per cent to $117.12.

With the Reserve Bank meeting on Tuedsay – for what will be outgoing governor Philip Lowe’s final meeting – traders anticipate the cash rate will be left on hold at 4.10 per cent.