Australian stocks fall slightly as RBA holds rates steady: Afternoon market insights

Myriam Robin /

Australian shares were almost flat today, as the Reserve Bank held rates steady in line with market expectations.

At 2.40pm, the ASX200 gave up 0.2% to 4124.9, while the broader All Ordinaries index also lost 0.2% to 4164.0.

The slight fall follows mixed performance on Asian markets. The Hang Seng gained 2.2% while the Nikkei was flat.

Ben Taylor, a sales trader at CMC markets, said yesterday’s manufacturing data, which showed a further fall, points to the effects of the global slowdown.

However, “the market is holding ground based on the proposed global stimulus push.”

The Australian dollar rose today before falling slightly after the RBA’s announcement. It is currently buying $US1.026.

Myriam Robin

Myriam Robin is a reporter for SmartCompany and its sister site LeadingCompany. She has degrees in economics, international studies and journalism. She likes writing about businesses taking risks and doing new things.