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Australian Stock Market Report – Afternoon 10/2/2012

Posted
10/2/2012 4:54:00 AM
By: International Business Times
Referenced Stocks:RBA

MARKET CLOSE
(4.30pm AEST)

The Australian sharemarket rose for the fourth consecutive session, with the All Ordinaries Index (XAO) rising by 1 pct or 43.6 pts to 4451.9. Despite the improvement, volume and value of shares exchanging hands remained light due to public holidays in China, Hong Kong and India.

The big catalyst for the gains was the Reserve Bank's ( RBA ) decision to cut rates for the first time since June this year. Rates were cut by 25 bps (0.25 per cent) to 3.25 per cent. Banks were split on the likelihood of a rate cut today with two of the majors expecting a drop today, with the remainder seeing a November cut as more of a likelihood.

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