ASX 200 Added 5.10 Points; RBA Increased Cash Rate By 0.5%

By the end of the trading session on 02 August 2022, the benchmark index S&P/ASX 200 ended higher by 0.07% and settled at 6,998.10. Out of 11 sectors, 8 sectors closed higher along with the ASX 200.

The Consumer Discretionary and Consumer Staples sectors were the top 2 gaining sectors, gained 1.46% and 1.20% in their index value. On the other hand, the A-REIT and Materials sectors were the top 2 losing sectors, declined 1.60% and 1.13% in their index value.

Zip Co. Limited (ASX: ZIP) and The A2 Milk Company Limited (ASX: A2M) were the top gainers with 15.094% and 7.929% growth in share prices, respectively. On the other hand, Appen Limited (ASX: APX) and United Malt Group Limited (ASX: UMG) were the top losers, with a 27.321% and 6.250% drop in share prices, respectively.

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Top Performers for the day:

• Consumer Discretionary (Up 1.46%)
• Consumer Staples (Up 1.20%)

Top Loser for the day:                                    

• A-REIT (Down 1.60%)
• Materials (Down 1.13%)

Other Factors influencing the market:

• The S&P/ASX 200 closed higher by 0.07%; stocks turned green late in the session following the Reserve Bank’s downgrades to growth forecasts after spending most of the day in the red.
• The Reserve Bank lifted the official interest rate 0.5 of a percentage point for a third consecutive month on Tuesday, taking the cash rate to 1.85%. It also downgraded growth and unemployment, prompting a dovish reaction from financial markets.
• Credit Corp Limited’s share price fell more than 5% after the company lifted its net profit 9% to AU$96.2 million for FY22. It also highlighted that the US purchased debt ledgers were 80% higher than the previous year.
• Appen Limited’s share price dropped sharply after it revealed another major earnings downgrade. Its underlying earnings fell 69% to US$8.9 million (AU$12.7 million), and revenue dropped 7% to US$182.9 million.
• Oil prices dropped today, extending losses from the previous session, as investors worried about global oil demand after weak manufacturing data in several countries.
• Dow has closed down 0.1%, S&P 500 down by 0.3%, and NASDAQ closed lower by 0.2%.
• Hang Seng is down by 2.33%, and FTSE 100 is down by 0.13%.

Top 5 Gainers and Losers Scoreboard:

90-Day Average Volume Outlier:

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