ASX Large Caps: All sectors in the green ahead of tomorrow's rate hike

ASX 200 rallies by 1.20% on Monday
This comes after Wall Street begins the new financial year strongly on Friday
RBA rates decision on Tuesday

The ASX 200 has rallied by over 1% today, taking a cue from the strong session on Wall Street last Friday. All 11 sectors on the ASX rose, with Miners, Healthcare and Real Estate stocks leading the way.

A weak oil market off the back recession concerns didn’t stop energy stocks today, with major oil stocks on the ASX surging by over 2%. A steep 4% fall in iron ore prices overnight also didn’t stop investors from getting their hands on major iron ore stocks.

Meanwhile, the flooding we’re seeing in extensive parts of NSW are putting some scrutiny on insurance stocks.

At Monday’s close, QBE Insurance (ASX:QBE) closed 1% lower, Suncorp Group (ASX:SUN) rose by 1%, while IAG Insurance (ASX:IAG) was flat.

Meanwhile, the market has now all but locked in a 50bp rate hike by the RBA tomorrow, a move that would take our cash rate to 1.35%.

While the cash rate remains below the average of the past decade, it’s been the fastest increase seen in recent times.

Last week, we already saw major banks the CBA and NAB passing rate increases on fixed term mortgages on to their customers as property prices in large cities across the country fell further by 0.8%.

“It is most likely that the RBA hikes interest rate by 50 basis points, but I would not be surprised to see them bring the cash rate to 1.5% by hiking 65bps,” said Scott Solomon, Associate Portfolio Manager of T. Rowe Price.

“The RBA’s Governor Philip Lowe’s most recent statements suggest they will decide between 25 and 50 bps at this upcoming meeting but recent RBA guidance has not been dependable,” he said.

BIG CAP WINNERS

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Code	Name	Price	% Change	Volume	Market Cap
IMU	Imugene Limited	0.22	13%	16,512,818	$1,143,811,489
APM	APM Human Services	3.18	9%	836,632	$2,678,171,282
NHC	New Hope Corporation	3.61	8%	2,527,296	$2,780,072,654
INA	Ingenia Group	4.16	5%	725,498	$1,609,953,893
JHX	James Hardie Indust	33.67	5%	892,721	$14,276,085,056
BRG	Breville Group Ltd	19.03	5%	460,412	$2,526,588,533
SQ2	Block	92.27	5%	112,947	$3,636,386,619
RWC	Reliance Worldwide	4.245	5%	1,891,447	$3,207,784,746
VUK	Virgin Money Uk PLC	2.38	4%	1,635,523	$1,870,530,710
PRU	Perseus Mining Ltd	1.665	4%	3,766,408	$2,175,522,741
CIP	Centuria I REIT	2.97	4%	1,698,914	$1,809,552,310

Imugene (ASX:IMU) was the best performing large cap today, up 12% on no specific news.

APM Human Resources (ASX:APM) was up 8% after establishing an $810 million syndicated multi-currency revolving corporate facility.

Breville Group (ASX:BRG) was up 5% today after announcing the completion of its acquisition of 100% of the Italian-based prosumer coffee group, LELIT.

BIG CAP LOSERS

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Code	Name	Price	% Change	Volume	Market Cap
MFG	Magellan Fin Grp Ltd	11.74	-10%	2,022,923	$2,407,065,336
SKC	Skycity Ent Grp Ltd	2.49	-6%	446,642	$2,014,543,804
GRR	Grange Resources.	1.17	-6%	2,411,496	$1,440,886,679
LKE	Lake Resources	0.73	-4%	16,220,832	$1,056,179,529
SYA	Sayona Mining Ltd	0.15	-3%	21,000,342	$1,278,246,664
PPT	Perpetual Limited	28.34	-3%	150,259	$1,659,434,640
PDL	Pendal Group Ltd	4.37	-2%	847,378	$1,716,509,715
CEN	Contact Energy Ltd	6.49	-2%	9,115	$1,647,218,194
GNC	GrainCorp Limited	9.32	-2%	1,444,043	$2,183,282,691
MCY	Mercury NZ Limited	5.09	-2%	29,756	$7,199,408,876
NWL	Netwealth Group	12.41	-2%	190,499	$3,084,231,933
BGA	Bega Cheese Ltd	3.72	-2%	780,542	$1,146,411,365
AKE	Allkem Limited	10.09	-2%	2,060,908	$6,535,995,382