Welcome to your five-minute recap of the trading day and how the experts saw it.
The numbers:The Australian sharemarket has snapped a seven-day losing streak,climbing by 1.4 per cent on Tuesday on the back of a lift in resources and banking stocks.
The ASX 200 index finished 90.4 points higher to close at 6523.8 points,with only the real estate,health care and utilities sectors declining.
Strong Wall Street futures helped push the market higher during the session,with the energy sector rising the most,climbing by 2.8 per cent as oil prices edged up due to the ongoing lack of supply.
Stabilising iron ore prices also helped the major miners recover from Monday’s losses;BHP rose 1.7 per cent,Rio Tinto was up 2.8 per cent and Fortescue grew by 3.5 per cent. The big four banks also rose at least 2 per cent each,with the financial sector posting its largest gain in three months.
The lifters:Pointsbet Holdings 9%,Paladin Energy 7.9%,Imugene 6.7%
The laggards:Lake Resources NL -28.4%,Coronado Global Resources -7%,Core Lithium -6.5%
The lowdown:With the US markets closed overnight due to a public holiday,the ASX opened higher on the back of strong rises in European stocks on Monday.
The market continued to rise as Reserve Bank governor Philip Lowewarned of further interest rate rises,while downplaying the chances of another dramatic rate hike of 0.75 percentage points and of a recession in Australia.
VanEck deputy head of investments and capital markets Jamie Hannah said the markets responded well to Lowe’s speech as they had “already factored in” the 25 to 50 basis point interest rate increase next month which Lowe anticipated.