ASX down 0.4pct in 'make or break' session

The local bourse is trending lower ahead of this afternoon's Reserve Bank of Australia decision on rate hikes.

At noon on Tuesday the benchmark S&P/ASX200 index was down 28.4 points, or 0.41 per cent, to 6964.6. The broader All Ordinaries was down 29.6 points, or 0.41 per cent, to 7183.4.

Tuesday's trading would be "a bit of a make or break session for the ASX200", City Index analyst Tony Sycamore told AAP on Monday, given the index was at a nearly seven-week high ahead of the RBA meeting.

Most economists are predicting the central bank will raise the cash rate by 50 basis points, or 0.5 percentage points, to 1.85 per cent when it releases its policy decision at 2.30pm on Tuesday.

Sectors were mixed at midday with property the biggest loser, falling nearly two per cent. Consumer staples were the biggest gainers, up 0.6 per cent.

The heavyweight mining sector was down 1.8 per cent, with BHP falling 2.2 per cent and Rio Tinto down 2.0 per cent.

The big banks were mixed, with ANZ down 0.5 per cent, NAB up 0.7 per cent, CBA up 0.6 per cent and Westpac up 0.4 per cent.

CSL gained 0.5 per cent to $296.38 after Australia's largest biotech company announced it had all the regulatory clearances required to close its $16 billion acquisition of Swiss drugmaker Vifor Pharma.

Appen had plunged 27.5 per cent to a nearly five-year low of $4.14 after the machine learning dataset company said it expected to report a first-half underlying net loss of $3.8 million, compared to a $12.5 million net profit six months ago.

Chief executive Mark Brayan blamed a slowdown in digital advertising causing its customers to reduce their overall spend, adding there had been no improvement in July.

Credit Corp was down 9.4 per cent to $22.03 after Australia's largest collection agency reported that debt-buying in Australia and New Zealand was down as Aussies repay their credit card balances.

Total interest-bearing credit card debt in Australia is down substantially in the past two years, the debt-buyer said.

LiveTiles had plummeted in half, to an all-time low of 2.8c, after the intranet workplace technology company announced plans to delist from the ASX.

Austrlaian Associated PressBack to Breaking News

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