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As on : 24-Sep-2024

Market Commentary - Foreign Markets
24-Sep-2024 16:04

Australian markets end marginally lower after RBA holds rate steady

Australian markets finished marginally lower after the Reserve Bank of Australia (RBA) held the cash rate steady as expected but maintained a firm stance on inflation - reducing the likelihood of a December rate cut.

The benchmark S&P/ASX 200 slid 0.13 percent to 8,142 as financials declined, offsetting gains in the mining and energy sectors.

The broader All Ordinaries index ended flat with a positive bias at 8,385.10. Banks Westpac and Commonwealth Bank of Australia fell over 3 percent each while mining giant BHP rallied 3.3 percent and Rio Tinto surged 3.7 percent.

Casino firm Aristocrat Leisure climbed 2.1 percent after winning an injunction against a competing game in the U.S.

Supermarket chain Coles Group lost 3 percent and Woolworths fell 2.9 percent after they were sued over fake discount claims.

Australia's central bank left its interest rate unchanged at a 12-year high as widely expected on Tuesday.

The policy board of the Reserve Bank of Australia governed by Michele Bullock decided to maintain the cash rate target at 4.35 percent.

The interest rate paid on Exchange Settlement balances was kept unchanged at 4.25 percent.

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