End of Day Report – Tuesday 20 May: RBA cuts 25bps | ASX 200 up 48 points

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18h ago 12:15

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ASX 200 rallies 48 points to 8343 (0.6%), regaining yesterday’s loss as the RBA cuts rates by 25bps, as expected. Banks better, led by NAB up 1% with the Big Bank Basket up to $269.90 (+0.7%). MQG rallied 2.0% with other financials better, too, ZIP up 3.1% and PNI up 1.7%. Insurers firmed, and REITS pushed higher as rates fell. 10-year yields fell to 4.44%. Industrials are also doing well, with WES up 0.8% and TLS rising 2.2% as it pushed up phone plans. SGH is up 1.4%, and retail is doing better as rates fall. JBH is up 1.3% with TPW rising 2.9% and travel stocks also in demand, CTD up 1.9% and FLT up 1.5%. KGN fell on disappointing results, off 8.9%. Tech stocks rose, with TNE the standout, up 11.3%, beating expectations and hitting new records. The All-Tech Index is up %. Resources mixed, iron ore miners gave up early gains, and gold miners too started well but wilted with NST down 1.4% and NEM off 11.4%. Coal stocks are flat, oil and gas mixed, and uranium slightly weaker. In corporate news, OFX crashed 34.6% after a huge run yesterday and a trading halt. On the economic front, the RBA cut rates to 3.85% lowest in two years. China eased rates back too. Asian markets were positive with CATL listing in HK today. European futures pointing to a solid opening.

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