The Australian stock market experienced a decline on Tuesday, mirroring losses from the previous session, as investors awaited the Reserve Bank of Australia's (RBA) interest rate decision. According to RTTNews, the S&P/ASX 200 index fell by 0.42% to 8,501.20 (Source: RTTNews, Tuesday).
At midday AEDT, the S&P/ASX200 was down 0.6% to 8,486.0 (Source: Tuesday). The market anticipates a potential rate cut of 25 basis points by the RBA. If the RBA holds rates steady, the ASX200 could fall towards 8,440/8,460, and the Australian dollar may rise to 64.40-64.60 US cents (Source: Tuesday).
Sector performance varied, with energy stocks declining 1.7%, led by Woodside (down 2.2%) and Whitehaven Coal (down 3.5%) (Source: Tuesday). BHP rose 0.8% to $41.12 despite announcing its lowest interim dividend in eight years (Source: Tuesday).
Financial stocks also showed weakness, with Commonwealth Bank losing over 1%, Westpac declining almost 2%, and National Australia Bank down almost 1% (Source: RTTNews, Tuesday).
Hub24 shares surged over 7% after reporting a 54% profit increase and a 30% boost to its interim dividend (Source: RTTNews, Tuesday). HMC Capital also saw a significant increase, with shares soaring over 12% after reporting a 45% rise in assets under management to $18.5 billion (Source: RTTNews, Tuesday).
The Australian dollar was trading at $0.634 US (Source: RTTNews, Tuesday). European markets closed positively, while US markets were closed for Presidents Day (Source: RTTNews, Tuesday).