The benchmark Australian share index rose 0.5 per cent to 7364.7 after the Reserve Bank of Australia pulled the trigger on its tenth consecutive rate increase.
The Australian sharemarket rallied on Tuesday after the Reserve Bank of Australia announced its tenth consecutive rate increase, lifting the cash rate a quarter percentage point to a decade-high 3.6 per cent.P/ASX 200 rose 0.5 per cent, or by 36 points, to 7364.7; the benchmark was flat at 7328.1 points heading into the RBA’s decision meeting in the early afternoon.
Mining giant Rio Tinto shares dropped 0.3 per cent to $125 per share after it was fined $US15 million by the US Securities and Exchange Commission relating to an alleged bribery scheme. Technology company Megaport shares plunged 15 per cent to $4.88 per share. It comes as chief executive Vincent English announced his resignation. The board is set to search for his replacement. The business has tumbled 56 per cent over the past 12 months as data centre headwinds hit its internet connectivity business.
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