Bullish
ASX 200 rises 0.34% to 8,709.3 as tech stocks surge amid RBA's 4th rate hike to 4.6%
The S&P/ASX 200 index increased by 0.34% to close at 8,709.3, driven by a rally in technology stocks. This uptick occurred despite the Reserve Bank of Australia's fourth interest rate hike of the year, raising the official cash rate to 4.6%, the highest in about 15 years. Investors are assessing the central bank's warning that further tightening may be necessary to address persistent inflation.
Key points
- Technology stocks led the gains, with Codan and Megaport surging.
- The RBA's rate hike to 4.6% amid inflation concerns.
- Investors are evaluating the potential for further monetary tightening.
Sources
AI-generated from public news sources. Not financial advice.
