Market Wrap / Clear cut

The RBA pulled the trigger, cutting the cash rate by 25 basis points to 3.85%. That, combined with Michele Bullock's dovish tone gave the market a bit of a boost on what was already a positive day. The S&P/ASX200 finished at 8343.30 points, 0.6% higher.

The big banks advanced on the rate cut, and passed the cut to consumers with the sector ending 0.8% higher. Interest-rate sensitive REITs also had a positive session, up 1.4% overall.

RBA Governor Michele Bullock says the central bank is not certain financial markets will remain steady; the RBA cut its employment outlook while warning consumption has grown slower than it expeccted. The Aussie dipped and 3 year government bond yields fell. 

Elsewhere the tech sector made the most percentage gains on the ASX, supported by TechnologyOne and its 11.3% jump. It will distribute a record fully franked interim dividend of 4.29 cents and also upgraded its profit guidance for FY25.

The miners' performance was more subdued. Rio Tinto shed 0.2% while unveiling a planned partnership with Chile's Codelco to develop and operate a high-grade lithium project. South32 climbed 4.1% after loading its first maganese ore. 

Looking ahead, we'll hear from James Hardie, Nufarm and Seek tomorrow.