ASX flat at noon ahead of RBA decision

·5-min read

The Australian share market is little changed at midday as investors wait for word on the Reserve Bank of Australia's decision on whether to raise the cash rate.

The benchmark S&P/ASX 200 index was down 2.6 points, or 0.04 per cent, to 7,344.4 at 1200 AEST on Tuesday. The All Ordinaries was also down 2.6 points, or 0.03 per cent, to 7,621.9.

Five of the ASX's 11 official sectors were lower and seven six higher. Tech stocks were leading the market higher, collectively climbing 1.8 per cent, with Xero up 3.3 per cent and Block up 5.8 per cent.

CSL was pulling the healthcare sector higher with a 2.2 per cent rise, to $276.36.

Woolworths was up 0.9 per cent to $38.64 after the supermarket giant said third quarter group sales were up 9.7 per cent to $15.1 billion compared with a year ago, despite ongoing supply chain disruptions.

Woolies' e-commerce sales grew strongly in the quarter, rising 38 per cent to $1.1 billion, as more customers opted for online delivery and click-and-collect.

AGL was down 3.4 per cent to $8.34 after acknowledging that its largest shareholder, billionaire Atlassian co-founder Mike Cannon-Brookes, intends to vote his 11.3 per cent interest in the company against its planned demerger.

AGL's board said it remained committed to the demerger, which Cannon-Brookes contends is bad for both shareholders and the environment.

The big banks were down ahead of the RBA's rate decision on Tuesday afternoon, with CBA falling the most, by 0.7 per cent.

BHP was down 0.8 per cent to $47.60 and Rio Tinto had fallne 1.5 per cent to $111.85.

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