• ASX 200 is within striking range of record level
  • Tech sector jumps 3%
  • RBA keeps cash rate at 0.1%

Local blue chip shares closed flat despite a big rally in Tech stocks.

The ASX 200, currently at 7,516, is now within range of its record level of 7,632 reached in August of 2021.

Tech led the way, up by 3%, as sector leaders Block Inc (ASX:SQ2) and Xero (ASX:XRO) rose around 5%.

The tech rally follows action on Wall Street overnight where Nasdaq surged by almost 2%.

US investors flocked to tech stocks after Elon Musk took a 9.2% passive stake in Twitter, becoming the biggest shareholder. Twitter closed 27% higher.

Meanwhile, the RBA decided to hold rates at 0.1% following its monthly board meeting earlier today.

However, analysts noted the central bank has changed its language – deleting any reference to the word “patience” in its official statement.

“Over the coming months, important additional evidence will be available to the board on both inflation and the evolution of labour costs,” said RBA Governor, Dr Philip Lowe.

“The board will assess this and other incoming information, as its sets policy to support full employment in Australia and inflation outcomes consistent with the target,” he said.

The Aussie dollar rose to US76c after the statement.

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Mineral Resources (ASX:MIN) said that in response to unprecedented global demand for lithium, the company has agreed with its JV partners to increase production from the Wodgina and Mt Marion spodumene mines, based in WA.

MIN said that demand has resulted in a substantial increase in lithium prices, with pricing expected to remain strong for the rest of this decade.

Meanwhile, Macquarie Group (ASX:MQG) rose 1% despite being taken to court by watchdog ASIC.

ASIC alleged that the lender failed to monitor and prevent $2.9 million of withdrawals by convicted former financial adviser Ross Hopkins over a 3 year period (as reported on the AFR).

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