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Australian stocks traded sideways today despite an initial boost after the Reserve Bank of Australia cut the cash rate to a new record low of 2%.
The All Ords slipped 1 point to 5826.5 while the ASX200 is up 0.3 points to 5816.2.
In its decision the RBA noted that while the global economy is expanding at a moderate pace commodity prices had declined over the past year with Australia’s terms of trade falling.
Inflation is forecast to remain consistent with the target over the next one to two years.
The board also noted the inflation outlook provided the opportunity for monetary policy to be eased further so as to reinforce recent encouraging trends in household demand.
Major banks were mixed with ANZ Bank (ASX:ANZ) up 2.9% to $34.18 while () crept up 0.1% to $88.07.
() dropped 0.3% to $36.19 and () is down 1.2% to $35.18
Market Action here…
() gained 5.6% to $0.19 with 1 million shares traded following the receipt of the Environmental Impact Assessment Certificate.
Notably this is the first to be issued in Tanzania since the 1990s and paves the way for the company to submit its Mining Licence application.
() is up 10.4% to $0.425 with more than 9 million shares traded () rose 16.7% to $0.007 while () climbed 14.3% to $0.008.
Blue Chip Stocks
Major miners
() down 2.7% to $32.48
() flat at $2.45
Newcrest () down 0.9% to $14.52
(ASX:RIO) down 0.9% to $59.38
Oil and Gas
Oil Search () down 2.2% to $8.08
() up 1.4% to $8.77
() up 0.1% to $35.47
Other banks financials and industrials
() up 0.5% to $6.53
() down 0.7% to $13.50
Bendigo and Adelaide Bank () down 0.8% to $12.41
() up 1.0% to $78.87
Suncorp () up 1.1% to $13.11
() up 1.3% to $6.39
Retailers
JB Hi-FI () down 1.8% to $19.26
() up 0.5% to $44.52
Woolworths () down 0.1% to $29.56
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