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Australia Market gains after RBA holds steady on policy

Capital Market 

The Australian market finished session higher on Tuesday, 06 April 2021, as Reserve Bank of Australia announced its decision to maintain its interest rates at an all-time low and signalled that the cash rate would remain at 0.1% until at least 2024.

At closing bell, the benchmark S&P/ASX200 was up 67.17 points, or 0.84%, to 6,885.86. The broader All Ordinaries added 69.71 points, or 0.99%, to 7,133.91. Australian market was closed on last Friday and Monday for Easter holidays.

Nearly every sector improved, with only energy and utilities weaker. IT led gains, up 5.14%, while consumer discretionary increased 1.37% and material rose 0.82%.

Travel stocks jumped after New Zealand Prime Minister Jacinda Ardern said quarantine-free visits by Australians to New Zealand would be allowed from April 19. Qantas Airways added 3%.

Cleanaway Waste Management rose nearly 16% after the company said it would buy the local recycling and recovery business of French firm Suez for A$2.52 billion.

ECONOMIC NEWS: The Reserve Bank of Australia on Tuesday announced its decision to maintain its policy settings. That included keeping its cash rate at 0.1%, largely in line with expectations, and the return on government bonds for three years.

CURRENCY NEWS: The Australian dollar changed hands at $0.7627 following an earlier high of $0.766.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, April 06 2021. 18:29 IST