Shares lift as RBA holds fire, oil holds onto gains
By Adrian Black
Australian shares have improved after a rate hold from the Reserve Bank. -AAP Image
Australia's share market has ended the day higher, despite a rally that followed a Reserve Bank cash rate decision fading by the close.
Hold tight - we’re checking permissions before loading more content
The S&P/ASX200 rose 18 points on Tuesday, up 0.19 per cent, to 9,250.6, as the broader All Ordinaries gained 19.6 points, or 0.21 per cent, to 9,443.7.
The top-200 jumped by 25 points shortly after the RBA's unanimous call to hold the official cash rate at 4.35 per cent, but the lead was gone by the close after governor Michele Bullock noted ongoing concerns and left the door open to further hikes.
Inflation fears were reignited as Brent crude prices hit $US88 a barrel for the first time since July, as deteriorating US-Iran relations dimmed hopes for a deal to reopen the Hormuz Strait.
The Australian dollar is buying 70.56 US cents, down from 70.66 US cents on Monday at 5pm AEST.
9°C