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ASX Today Live News & Analysis

Australian Market Report - Australian shares edge up as key verdicts loom on rates
Morningstar with AAP
Monday 18 March 2024

The local bourse recouped modest morning losses to close slightly higher ahead of a busy week of central bank meetings.

The benchmark S&P/ASX200 index on Monday finished up 5.5 points, or 0.07 per cent, to 7,675.8, while the broader All Ordinaries climbed 1.4 points, or 0.02 per cent, to 7,925.2.

"There's a tinge of risk aversion in the market heading into the busiest week of central bank meetings in recent memory," wrote Capital.com analyst Kyle Rodda.

The Reserve Bank of Australia meets on Tuesday, as does the Bank of Japan.

The Federal Reserve will announce its latest decision on rate hikes in the pre-dawn hours on Thursday, Australian time, and later that day the Swiss National Bank and the Bank of England will do likewise.

The Bank of Japan meeting shapes as the most eventful, with several economists, including Goldman Sachs' Tomohiro Ota, predicting the central bank will lift rates for the first time since 2007.

The other central banks, including the RBA, are widely expected to leave rates on hold, but as always their commentary will be scrutinised closely for signals regarding their path forward.

Five of the ASX's 11 sectors finished higher and five closed lower, with consumer staples basically flat.

The interest-rate-sensitive property sector was the biggest mover, dropping 2.0 per cent as Goodman Group retreated 3.6 per cent and Charter Hall fell 1.9 per cent.

In the heavyweight mining sector, Fortescue fell 1.1 per cent to $23.69 as iron ore prices dropped below $US100 a tonne for the first time in more than seven months.

BHP was flat at $42.41 per cent, Rio Tinto climbed 0.5 per cent to $117.48 and South32 rose 4.7 per cent to $3.14.

Gold miners were generally up as the precious metal traded around $US2,148 an ounce, down $US8 from Friday.

Evolution was 0.9 per cent higher and Bellevue Gold climbed 2.1 per cent, but Northern Star dipped 0.4 per cent.

The Big Four banks all finished higher, with CBA adding 0.8 per cent to $116.46, NAB climbing 0.7 per cent to $34.03, ANZ advancing 0.6 per cent to $28.86 and Westpac finishing 0.5 per cent higher at $26.33.

Qantas climbed 2.2 per cent to $5.22 as the Transport Workers Union's case against the airline over jobs illegally outsourced during the COVID-19 pandemic began in Federal Court.

The Australian dollar was buying 65.65 US cents, from 65.67 US cents at Friday's ASX close.

ON THE ASX:

The benchmark S&P/ASX200 index finished Monday up 5.5 points, or 0.07 per cent, to 7,675.8

The broader All Ordinaries gained 1.4 points, or 0.02 per cent, to 7,925.2

The NZX 50 Lost -38.97 points (-0.33%) to 11,728.01 while the Nikkei gained 1032.80 points (2.60%) at the time of writing, to be closed at 39,740.44

Companies commencing Ex-Dividend Trading Today (ASX 300):

Chorus Limited

HUB24 Limited

Indexes
View index

Markets

Index
Last price
Change
% Change
All Ordinaries 7,957.10 31.90 0.40%
CAC 40 8,148.14 16.21 -0.20%
DAX 40 17,932.68 3.97 -0.02%
Dow JONES (US) 38,790.43 75.66 0.20%
FTSE 100 7,722.55 4.87 -0.06%
HKSE 16,550.90 186.22 -1.11%
NASDAQ 16,103.45 130.27 0.82%
Nikkei 225 39,742.85 2.41 0.01%
NZX 50 Index 11,817.91 89.90 0.77%
S&P 500 5,149.42 32.33 0.63%
S&P/ASX 200 7,703.20 27.40 0.36%
SSE Composite Index 3,073.03 11.90 -0.39%

Market Movers

Name
Last price
Change
% Change
Sayona Mining Ltd SYA 0.04 0.00 2.56%
88 Energy Ltd 88E 0.01 0.00 -16.67%
Telstra Group Ltd TLS 3.78 0.04 -1.05%
South32 Ltd S32 3.12 0.02 -0.64%
Alumina Ltd AWC 1.26 0.00 0.00%
Pilbara Minerals Ltd PLS 3.92 0.00 0.00%
Peninsula Energy Ltd PEN 0.13 0.02 13.64%
Arafura Rare Earths Ltd ARU 0.21 0.01 2.50%
Jervois Global Ltd JRV 0.02 0.00 -7.69%
Lake Resources NL LKE 0.07 0.00 0.00%