So we opened higher and stayed higher for most of the day with the ASX200 closing at 5968.00 for a gain 67.40 points or 1.14%. Gains were widespread today after a strong rally on offshore markets overnight which saw the Dow higher by 336.70 points or 1.37%, S&P 500 +29.69 points or 1.10% and the Nasdaq +72.84 points or +1.00%
Locally today the RBA kept rates on hold at 1.50% which was in line with market expectations and with their assessment of the economy as balanced things don’t look like changing any time soon. The response from the AUDUSD was muted with the local currency trading at 0.7777 this afternoon.
Looking at some of the major moves today on the market we see the troubles continuing for RFG which fell 11.97%, NUF, -2.45% and MYR -2.17%. Who said retail was easy??. Given the strength in the market today no surprise to see many performers. VOC +6.19%, LYC +6.82%, API +5.00% and QAN +4.99%.
The banks all contributed today with NAB +0.60%, ANZ +0.67%, CBA +0.88% and WBC +0.13%. Oil stocks received a boost from strong energy prices overnight and this helped the likes of STO +3.27%, CTX +1.38% and WPL +1.58%
Currency markets are waiting for some further direction as Europe wakes for the day but as things stand at the moment we have EURUSD 1.2346, USDJPY 106.23, GBPUSD 1.3839 spot gold at USD $1323.50 per ounce and bitcoin is trading at USD $11290.
RFG Chart attached