• Local shares down as RBA handed down rates decision
  • This was Phil Lowe’s last meeting as RBA Governor
  • Lithium stocks surged, healthcare tumbled

 

The ASX fell 0.25% on Tuesday as the RBA decided to leave interest rates on hold at 4.1% after the board meeting.

In the post-meeting statement, the RBA says it will leave the door open for more rate hikes.

“Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will continue to depend upon the data and the evolving assessment of risks,” the excerpt read.

This was Phil Lowe’s last meeting as RBA Governor and Michele Bullock will replace him on September 18th.

Eleanor Creagh, PropTrack senior economist, said the substantial tightening previously delivered is already weighing on economic activities.

“Consumer spending is slowing, and conditions are expected to soften in the coming months as economic activity continues to slow,” she said.

But there’s some good news. The majority of home price falls recorded last year have been reversed in 2023, with August marking the eighth consecutive month of national home price growth.

“Strong demand and limited supply have offset the impact of rate rises that continued this year,” Creagh added.

On the ASX, Healthcare was the best performer today while Utilities were the worst.

Lithium stock IGO (ASX:IGO) rose, while the healthcare rally was led by Cochlear (ASX:COH) and CSL (ASX:CSL).

Chalice Mining (ASX:CHN) was the worst single stock large cap today, down 15% as the company continues to take a pounding on the back of its disappointing scoping study for its Gonneville nickel, copper and PGE discovery, announced a few days ago.

 

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Auckland International (ASX:AIA) said Chief Infrastructure Officer André Lovatt has resigned after five years with the company to take up a new role at KiwiRail in December.

“With the delivery of projects now moving forward at pace, André’s decided the time is right for him to take the next step in his career at KiwiRail as Chief Infrastructure Officer. We wish him all the very best for the future,” said AIA Chief Executive, Carrie Hurihanganui.

 

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Qantas (ASX:QAN) CEO Alan Joyce has advised the board he will bring forward his retirement by two months to help the company accelerate its renewal.

As a result, CEO Designate Vanessa Hudson will assume the role of Managing Director and Group CEO effective September 6 2023.

Alan Joyce said: “In the last few weeks, the focus on Qantas and events of the past make it clear to me that the company needs to move ahead with its renewal as a priority. There is a lot I am proud of over my 22 years at Qantas, including the past 15 years as CEO,” he said.

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