The Australian stock market has been performing well for more than three weeks, with strong gains in various sectors. However, the market took a downturn on Tuesday morning, with the S&P/ASX200 index and the All Ordinaries index both dropping around 0.3%. The release of the Reserve Bank of Australia’s minutes from its April 4 meeting did not have a significant impact on the market, which remained largely unaffected.
Analysts are keeping a close eye on the upcoming quarterly Consumer Price Index report, which is due on April 26. This report is expected to be the deciding factor in whether the Reserve Bank of Australia decides to raise interest rates or keep them at their current level of 0.6%. The RBA has been keeping interest rates low to support the economy during the COVID-19 pandemic.
Despite the overall drop in the market, the materials sector remained buoyant, thanks to the iron ore giants BHP, Rio Tinto, and Fortescue. BHP was up 0.5%, while Rio Tinto and Fortescue added 0.9% and 0.3%, respectively. On the other hand, the energy sector was the biggest loser, with Woodside and Santos both dropping almost 2%. The big banks were mixed, with the Commonwealth Bank down 0.4%, ANZ flat, and NAB and Westpac edging slightly higher.
In other news, Telix Pharmaceuticals was a standout performer, gaining 10.1% to $8.685. The radiation oncology company announced that it had surpassed $100 million in quarterly revenue, driven by strong sales of its prostate cancer imaging agent, Illuccix, in the US.
Overall, while the Australian stock market has experienced some volatility in recent weeks, it has largely remained strong. Investors will be keeping a close eye on the upcoming Consumer Price Index report to determine whether the RBA will raise interest rates, which could have a significant impact on the market in the coming months.
- Published By Team Australia News
