Australian stocks got smacked down, and the dollar rallied, after the Reserve Bank decided to keep official interest rates on hold.
Here’s the scoreboard:
- S&P ASX 200: 5,933.90 -24.98 (-0.42%)
- All Ordinaries: 5,902.80 -23.53 (-0.40%)
- AUD/USD: 0.7822 +0.0057 (+0.73%)
The ASX fell hard, more than 1%, when the RBA disappointed investors.
The big four major banks all ended weaker, led by the Commonwealth down 0.68% to $91.92. AMP was weaker by 3.3% to $6.43. Among the miners, BHP was down 1.7% to $33.54 and Rio Tinto down 1.22% to $64.80.
The top stories on Tuesday:
2. Apartments are in big demand. ABS numbers further confirmed that Australia’s housing market is going bonkers.
3. Shares in jetpack maker Martin Aircraft went ballistic. The New Zealand-based company listed its shares at 40 cents one week ago, raising about $27 million. The shares hit $3 this week before slipping back to $1.65.
4. Consolidation online. Pure play online retailer Shoply has bought the pioneering Australian IT website eStore.com.au and its estimated $7 million in annual revenue. SHoply shares were down 5.8% to $0.016.