ASX 200 midday update: Regis Resources jump, big four banks fall ahead of RBA meeting

The ASX 200 is on form again on Tuesday…

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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is pushing higher again. The benchmark index is currently up 0.35% to 6,635.9 points.

Here’s what is happening on the ASX 200 today:

Regis Resources’ record quarter

The Regis Resources Limited (ASX: RRL) share price is jumping today following the release of a production update. That update revealed that Regis had a record quarter for production. Regis Resources reported a 20% quarter on quarter increase in total gold production to 123.9k ounces. This took the company’s annual gold production to 437k ounces. This is up 17% year on year and in line with its guidance of 420k ounces to 475k ounces.

Bank shares fall ahead of Reserve Bank meeting

The big four banks are all trading lower on Tuesday ahead of the Reserve Bank of Australia’s cash rate meeting. The central bank is widely expected to make a further 50 basis points increase to 1.35% this afternoon. The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is the worst performer in the group with a 1.1% decline.

Tech shares outperform

The tech sector is on form again on Tuesday with the likes of WiseTech Global Ltd (ASX: WTC) and Xero Limited (ASX: XRO) storming higher. This has led to the S&P ASX All Technology index outperforming the ASX 200 index with a sizeable 1.3% gain. This appears to have been driven by news that Nasdaq futures have rebounded and are now pointing to a positive session tonight.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Regis Resources share price with a 10% gain. This follows the gold miner’s record quarter. Going the other way, the worst performer has been the Imugene Limited (ASX: IMU) share price with a 3.5% decline on no news.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended WiseTech Global and Xero. The Motley Fool Australia has positions in and has recommended WiseTech Global and Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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