Shares gain after Reserve Bank kept interest rates on hold; Bank of Japan ends negative rate policy; Pacific Smiles receives revised Genesis takeover bid; oil rises. Follow here for more.
The Australian sharemarket gained on Tuesday after the Reserve Bank left the cash rate on hold at 4.35 per cent, as predicted. The benchmark S&P/ASX 200 Index rose 0.4 per cent, or 27.4 points, to 7703.2 after swinging between gains and losses ahead of the decision. The materials and energy sectors were the best performing. The Australian dollar, meanwhile, edged lower 0.3 per cent to US65.4¢ following the RBA’s decision to keep the cash rate at a 12-year high.
Stocks on the move KMD Brands, the name behind Kathmandu and Rip Curl, rose 2.1 per cent to 48 cents after falling 2 per cent at the open when it booked a 14.5 per cent drop in group sales to $NZ468.6 million for the first half. It did not declare an interim dividend because of its operating performance. Boral rose 2.4 per cent to $6.33 after the board recommended shareholders reject Seven Group’s takeover bid.
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