The Australian sharemarket advanced on Tuesday as the Reserve Bank of Australia (RBA) announced a widely expected 25 basis point interest rate cut, offering further relief to borrowers and boosting investor sentiment.
The S&P/ASX 200 closed 0.6% higher, gaining 48.2 points to finish at a fresh 3-month high of 8,343.3. Nine of the 11 industry sectors ended the session in positive territory, with Information Technology leading the gains.
Technology One surged 11.3% after reporting a robust first-half result and raising its full-year guidance. For the six months ended 31 March, the company posted a 19% increase in revenue to $291.3 million and a 21% jump in annualised recurring revenue (ARR) to $511.1 million.
Other tech names followed suit, with Wisetech Global up 2.7%, Xero adding 0.5%, and Appen gaining 1.6%.
Telstra also posted gains of 2.2% after announcing price increases across several of its services.
Brad Whitcomb, head of Telstra’s consumer division, said the changes to postpaid mobile, mobile data, and small business internet plans were part of a broader effort to invest in and improve the company’s network.
The Materials sector slipped 0.1% overall, with BHP down 0.4%, while Rio Tinto and Fortescue slipped 0.2% apiece.
Meanwhile, Monash IVF fell approximately 11% after the company downgraded its full-year profit forecast, just weeks after disclosing an embryo transfer error at its Brisbane clinic.
The fertility services provider now expects FY25 underlying group net profit to be around $27.5 million, down from its earlier guidance of $30.0 million to $31.0 million issued in late February.
On the bond markets, yields on Australian government securities declined, with the 10-year and 2-year bond yields down 3.4% and 3.5%, respectively, to 3.416% and 3.458%.
