Aussie financials extend gains to hit three-week high on rate hike decision

Hub24

05/10/2022 04:59

** Australian financial stocks  .AXFJ  rise as much as 2.8%
to 6,202.10 points, their highest since Sept 14 
    ** The sub-index extends gains for a second day after RBA's
softer-than-expected cash rate hike decision on Tuesday
    ** RBA increased cash rate by 25 bps, down from an expected
50 bps
    ** AXFJ added 4.2% on Tuesday, its best daily performance
since mid-June 2020
    ** Australia's "Big Four" banks rise between 2.2% and 3.2%
on Tuesday, with third-biggest lender Westpac Banking Corp
 WBC.AX  jumping as much as 3.2%
    ** Commonwealth Bank of Australia  CBA.AX , National
Australia Bank  NAB.AX , Westpac Banking Corp  WBC.AX  and
Australia and New Zealand Banking Group  ANZ.AX  said they will
raise home loan rates by 0.25% per annum
    ** Data solutions provider Hub24 Ltd  HUB.AX  is biggest
percentage gainer in the sub-index, up 8.7% 
    ** AXFJ among biggest boost to the ASX 200 benchmark index
 .AXJO , which is up 1.6%  .AX 
    ** AXFJ down ~7.7% this year, as of last close, performing
relatively better than the benchmark, which is down 10%
 (Reporting by Anan Ashraf in Bengaluru)
 ((Anan.Ashraf@thomsonreuters.com;))