Market sell-off intensified after Reserve Bank increased interest rates more than many had anticipated.
P/ASX 200 fell 110.6 points to 7095.7 points for a decline of 1.5 per cent, while the broader SAll 11 sharemarket sectors were dragged lower, with rate-sensitive technology shares faring the worst. The sector fell 3 per cent on Tuesday to end the session near the lowest level it has traded at this year.The financials sector, which is among the few that can benefit from rising rates, fell 2.
Shares in Block, the payments company that swallowed Afterpay earlier this year, fell 2.9 per cent to $112.60, while Xero, which also offers payments services, fell 5 per cent to $80.19. The fund manager said its assets under management grew 4.6 per cent to $US94.6 billion in the month of May as all four of the strategies offered by the investment group increased in size during the period.Shares in Telix Pharmaceuticals fell 0.5 per cent to $4.13, broadly in line with the healthcare sector. The company said in a statement before markets opened on Tuesday that it had received a $17.25 million research and development tax refund from the Australian government.
Australian blue chips traded around 1 per cent lower shortly before the RBA’s announcement on Tuesday afternoon in Sydney that it would raise the cash rate by 50 basis points to 0.85 per cent, a supersized increase that surprised many.P/ASX 200 fell sharply to trade 1.7 per cent lower, a level from which it failed to recover for the remainder of the session.
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