• The ASX 200 closed 0.6% lower today
  • The RBA releases its meeting minutes
  • Coal and Energy stocks rise again, while Tech and Healthcare lag

The ASX 200 is down by 0.63% on Tuesday, shadowing the movements in Wall Street overnight.

Tech and Healthcare were worst performing sectors today, down by around 2% each.

Tech leaders Xero (ASX:XRO) and WiseTech (ASX:WTC) dragged, while Resmed (ASX:RMD) and Cochlear (ASX:COH) were the laggards in Health  – all on no specific news.

The Reserve Bank of Australia’s minutes of its July meeting was released today.

It said in part:

“The minutes show that RBA board members had considered the possibility of raising interest rates by 25 basis points or 50 basis points on July 5th.

“Members viewed it as important that inflation expectations remained well anchored and that the period of higher inflation be temporary.

“Inflation is forecast to peak later in 2022 and then decline back towards the 2 to 3 per cent range in 2023.

“Higher interest rates will also help establish a more sustainable balance between the demand for and the supply of goods and services.”

Yields on Aussie bonds rose across the curve after the release, with the benchmark 10-year trading higher at 3.55%.

Meanwhile, ASX coal stocks have had another good day as giants Whitehaven Coal (ASX:WHC) rose another 4%, while lithium miner Lake Resources (ASX:LKE) was up by 8%  – both on no news.

The 4% rally in global oil prices overnight also pushed the Energy sector 2% higher today.

Looking ahead, investors should look out for the Euro CPI figures later this evening, and the board meeting of the European Central Bank (ECB) on Thursday (Euro time).

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap
WHC Whitehaven Coal 6.17 5% 8,356,917 $5,642,002,747
PDL Pendal Group Ltd 4.29 4% 1,529,394 $1,574,744,404
NHC New Hope Corporation 4.47 4% 5,681,985 $3,579,135,453
GQG GQG Partners 1.39 4% 646,001 $3,956,759,282
PRU Perseus Mining Ltd 1.6575 4% 4,997,029 $2,183,175,984
SYA Sayona Mining Ltd 0.15 3% 17,618,765 $1,195,779,137
WDS Woodside Energy 32.345 3% 5,423,998 $59,430,867,832
ZIM Zimplats Holding Ltd 23.86 3% 2,496 $2,486,429,692
BPT Beach Energy Limited 1.77 3% 5,753,392 $3,912,487,220
IFL Insignia Financial 2.75 3% 1,904,902 $1,745,807,751
MFG Magellan Fin Grp Ltd 12.51 3% 645,027 $2,250,680,708

Major energy traders like Woodside Energy (ASX:WDS) and Santos (ASX:STO) traded higher, up around 3% on higher oil prices.

Asset manager Pendal Group (ASX:PDL) was up 4% before it put itself in a trading halt.

Pendal’s ASX release explained that the company is in discussions with Perpetual Limited (ASX:PPT) regarding a potential transaction. Discussions are highly conditional and incomplete and there is no certainty that they will result in a transaction, it said.

BIG CAP LOSERS

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Investment platform HUB24 (ASX:HUB) fell 6% despite announcing a record 38% increase in net inflows to $11.7 billion.
HUB also reported the total number of advisers using its platform is now 3486, up 14% on pcp.