The market's six-day rally came to an abrupt halt today, despite the fact the Reserve Bank of Australia cut interest rates to a record low of 1.5%. The market did rebound initially, but quickly lost ground again after the decision was made.
Here's a quick recap:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 0.8% to 5540 points
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 0.8% to 5622 points
- AUD/USD at US 75.29 cents
- Iron Ore at US$62.27 a tonne, according to the Metal Bulletin
- Gold at US$1,349.53 an ounce
- Brent oil at US$42.22 a barrel
Credit Corp Group Limited (ASX: CCP) and OzForex Group Ltd (ASX: OFX) were among the biggest movers today, lifting 13.1% and 2.5% respectively.
Seven West Media Ltd (ASX: SWM) and Nine Entertainment Co Holdings Ltd (ASX: NEC) were also big movers, but in the opposite direction. The pair fell 18.4% and 14.3%.
As expected, oil producers were also hit hard after oil fell into a bear market. Santos Ltd (ASX: STO) dropped 5.8%.
BHP Billiton Limited (ASX: BHP) also fell 2.2% despite a strong lift in the iron ore price, with Rio Tinto Limited (ASX: RIO) down 0.6%.
Crown Resorts Ltd (ASX: CWN) ended the day 0.2% higher, although could be hit on Wednesday. The company announced that there has been a legal challenge to its Crown Sydney Hotel Resort development at Barangaroo South.
Westpac Banking Corp (ASX: WBC) and Commonwealth Bank of Australia (ASX: CBA) also lost 0.9% and 0.5% respectively, despite the RBA cutting interest rates.
Here are Tuesday's top stories:
- RBA cuts interest rates to 1.5%: What you need to know
- Credit Corp Group Limited rockets on double-digit profit growth forecast
- Oil prices are now in a bear market: Time to sell your oil shares?
- 3 of my favourite tech small caps to buy today
- 3 growth stocks I'd buy today with $10,000
- Where to from here for the Commonwealth Bank share price?
- 6 of the best ASX companies Warren Buffett might buy
