PEAK ASSET: ARVO WRAP 6 November: ASX circles 7000 | CSL leads health stocks higher, gold miners rally | Whispir receives off-market takeover bid from Soprano Design Technology |

What plans for cup day?

It’s set to be a cracking day in Melb with a top of 30 degrees.

We’re looking forward to some cold beer and time in the sun.

Speaking of beer…

Which country do you think consumes most of it?

Check out pic below, results may surprise you!

Across Markets…

A subdued Monday session on the ASX left the benchmark index hovering close to 7000 points for the first time in more than two weeks, ahead of the Reserve Bank of Australia’s much-anticipated cash rate decision on Tuesday.

The S&P/ASX 200 closed 19.2 points, or 0.3 per cent, higher at 6997, after tipping above the 7000-point threshold earlier in the day. The benchmark has traded below the threshold since mid-October. The All Ordinaries was also 0.3 per cent higher.

Australia’s central bank is widely expected to raise the cash rate to 4.35 per cent at its monetary policy meeting on Tuesday. It would mark the first increase since June.

Saxo Asia Pacific market strategist Charu Chanana said the stakes were very high. 

“If RBA Governor Michele Bullock doesn’t follow through on the rate hike, I’d think that could tarnish the credibility of the RBA,” she said.

“The RBA has been lagging some of the other central banks in its rate-hiking cycle, so I think this is really the time they can act.”

On the benchmark, the healthcare sector was the standout performer, up 1.5 per cent. The sector was buoyed by heavyweights CSL and ResMed, which have continued to rally over the last week as bond yields eased driving investors back to defensive stocks. CSL ended the day 1.7 per cent higher at $248.22 and ResMed gained 3.1 per cent to $23.87.

Energy stocks were the worst performing, down 1 per cent, following a 6 per cent decline in the price of oil over last week, as supply concerns surrounding the Israel-Hamas war continued to fade. Brent crude edged 0.5 per cent higher to $US85.52 during the session but remains 1.8 per cent down over the last two days of trading.

Gold miners rallied after the price of commodity briefly rose above $US2000 on Friday. Northern Star Resources was 3.2 per cent higher at $11.99, Evolution Mining jumped 5.1 per cent to $3.69 and De Grey Mining gained 7.4 per cent to $1.23.

In company news, takeover target Origin Energy bounced 1.9 per cent to $8.45, after falling about 8 per cent over last week. The utility giant’s largest shareholder AustralianSuper has upped its stake to 15.03 per cent and intends to vote against the proposed takeover by Brookfield and EIG at Origin’s annual general meeting later this month.

Source: AFR