The local share market's early gains were mostly eroded as the session wore on, but it still ended the day in the black.
Here's a quick recap:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.3% to 5,167 points
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.3% to 5,199 points
- AUD/USD at US 71.31 cents
- Iron Ore at US$53.14 a tonne, according to the Metal Bulletin
- Gold at US$1,136.06 an ounce
- Brent oil at US$49.39 a barrel
The ASX rose strongly this morning in a rally fuelled by the major resources companies. Unfortunately, it couldn't hold onto those gains after the Reserve Bank of Australia announced it would keep interest rates on hold for at least another month.
Investors appeared mostly disappointed that the board didn't take a more dovish stance, despite recent calls for another interest rate cut in the near future. Telstra Corporation Ltd (ASX: TLS) and various other dividend-paying companies wore the brunt of the afternoon selloff.
BHP Billiton Limited (ASX: BHP) also retreated in the afternoon, although it still ended the day 1.6% higher. South32 Ltd (ASX: S32) and Fortescue Metals Group Limited (ASX: FMG) also rose 2.2% and 5.9%.
Worleyparsons Limited (ASX: WOR) rose 6.2%, making it the best performing stock today. Origin Energy Ltd (ASX: ORG) was the worst, falling another 8.9% and giving it a total decline of 56% over the last three months.
Here are Tuesday's top stories:
- RBA leaves door open to further interest rate cuts
- 5 stocks to benefit from the Trans Pacific Partnership Deal
- Is it time to double down on iCar Asia Ltd (ASX: ICQ)?
- Research pinpoints 5 MEGA opportunities for super investors
- Australian telcos have this huge tailwind behind them
- Why the ASX could be set for another bull run to 6,200 points