ASX down 0.2% near noon: RBA considers lifting cash rate in May

By Peter Milios | More Articles by Peter Milios

The Reserve Bank's May policy meeting minutes indicated that while raising the cash rate was considered if forecasts risked optimism regarding inflation factors, stronger-than-expected data prompted them to maintain the rate at 4.35%, citing insufficient updates to justify policy alteration and acknowledging increased inflation risks.

At 11:40am, the S&P/ASX 200 is 0.2 per cent lower at 7,848.20.

The SPI futures are pointing to a fall of 13 points.

Best and worst performers

The best-performing sector is Information Technology, up 1.12 per cent. The worst-performing sector is Communication Services, down 0.97 per cent.

The best-performing large cap is ALS (ASX:ALQ), trading 4.86 per cent higher at $14.46. It is followed by shares in Technology One (ASX:TNE) and Telix Pharmaceuticals (ASX:TLX).

The worst-performing large cap is James Hardie Industries plc (ASX:JHX), trading 9.75 per cent lower at $49.43. It is followed by shares in Sonic Healthcare (ASX:SHL) and Infratil (ASX:IFT).

Commodities and the dollar

Gold is trading at US$2433.20 an ounce.

Iron ore is 0.4 per cent higher at US$118.50 a tonne.

Iron ore futures are pointing to a 0.44 per cent rise.

One Australian dollar is buying 66.73 US cents.

About Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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