Australian Stock Report Market Wrap Up: RBA holds rate as stocks post gains
Announcement posted by de2 Communications 01 Mar 2016
“The strong finish came on the back of the Reserve Bank of Australia's widely expected decision to keep its cash rate unchanged at the record low of 2 per cent,” said Chris Conway, head of research at Australian Stock Report.
According to Conway, mining stocks led the charge. Fortescue Metals (FMG) was the best of the lot, jumping an impressive 6.4%, whilst BHP Billiton (BHP) and Rio Tinto (RIO) put on 3% and 2.7% respectively.
The big four banks also enjoyed solid gains, with ANZ Banking Group (ANZ) the best in show, gaining 3%. Westpac Bank (WBC) finished up 2.5%, Commonwealth (CBA) 1.8% and National Australia Bank (NAB) 2%.
Among the oilers, Santos (STO) was the biggest mover in the space, firming a respectable 3.6%. Woodside (WPL) and Oil Search (OSH) both gained 1.8%. Gold stocks also enjoyed a day in the sun after gold rose more than 1% overnight.
The sub-sector put on 4.4%, with Evolution Mining (EVN) and Newcrest Mining (NCM) the big winners, soaring 4.6% each.
In other news, Slater & Gordon Limited (SGH) was once again the biggest loser among the top 200 slumping a massive 46%.
On the day, the ASX 200 added 41 points (+0.9%) to settle at 4922.
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