The Australian stock market quietly dipped into the red today, down by 0.7% with the Melbourne Cup and RBA taking centre stage.

Whilst Verry Elleegant was taking the lap of honours at Flemington, the RBA announced that it will stick to the cash rate target of 0.1% for the time being.

The local bourse had opened nervously in the red this morning despite record levels on Wall Street overnight,  as traders waited anxiously for the RBA decision.

Real Estate was the outperformer today, up by 1,7% following upbeat announcement by major player Goodman Group.

Miners took the biggest and closed lower by 2%, while the insurance sector also looked shaky after a downbeat announcement by the IAG.

BIG CAP WINNERS

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The real sector is surging today following upbeat announcements by property heavyweights over the last two days.

Property group Goodman (ASX:GMG) rose after the release of its Q1 update, where it reported $62bn of total assets under management (AUM).

Importantly, the company said the outlook will remain strong in FY22, and expects AUM to continue growing to around $70 billion by June 2022.

Competitor Charter Hall (ASX:CHC) also rose, following its own earnings guidance yesterday which forecast a 36% increase in its post-tax OEPS (operating earnings per security) to 83 cents per share for FY22.

Recently listed Judo Capital (ASX:JDO) was up by 10% on no news.

 

BIG CAP LOSERS

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The insurance sector took a hit today following a downbeat announcement from one of the biggest players in Australia.

Insurance Australia (ASX:IAG) has just downgraded its margin guidance from 13.5%-15.5% to 10%-12%, citing unusual weather damage claims that increased its net natural perils allowance to $280m.

That announcement also drove down the QBE Insurance (ASX:QBE) share price.

Minerals miner IGO Ltd (ASX:IGO) fell today following the a corporate presentation release. The company had reported its first quarter results yesterday, with revenues falling by 29% and net profits by 90% qoq.