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THE share market ended the day stronger after Australian investors shrugged off news of a much-expected interest rate hike. The benchmark S&P/ASX200 index closed up 17.7 points, or 0.38 per cent, to 4719 points, while the broader All Ordinaries index gained 17.6 points, or 0.37 per cent, to 4733.1 points.
On the Sydney Futures Exchange at 4.15pm (AEDT), the December share price index contract was 30 points higher at 4725 on 26,770 contracts.
The market gains came despite a decision by the Reserve Bank to lift the cash rate to 3.75 per cent, from 3.5 per cent.
"The market has taken this well-telegraphed interest rate increase very much in its stride I think," Austock Securities senior client adviser Michael Heffernan said.
On the Sydney Futures Exchange at 4.15pm (AEDT), the December share price index contract was 30 points higher at 4725 on 26,770 contracts.
The market gains came despite a decision by the Reserve Bank to lift the cash rate to 3.75 per cent, from 3.5 per cent.
"The market has taken this well-telegraphed interest rate increase very much in its stride I think," Austock Securities senior client adviser Michael Heffernan said.
He said the banks held up well, considering the strong gains on the financial sector on Monday.
Shares in Commonwealth Bank closed up $1.05 to $53.85, Westpac rose four cents to $24.18 and Macquarie Group was up 50 cents to $48.50.
National Australia Bank fell seven cents to $28.55 and ANZ lost 18 cents to finish at $21.97.
Phillip Joseph Bianco I did send the Italian Embassy my request for Political Asylum due to abuse...
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