The Australian share market continued the post-invasion recovery, with the S&P/ASX 200 (ASX: XJO) gaining 0.7% to begin the month of March; this comes after finishing February just 1.1% higher.
The ASX technology sector was the biggest contributor with Block (ASX: SQ2) gaining 12.7%, sending the sector 5.7% higher despite a 6% fall in competitor Zip Co Ltd (ASX: Z1P). Zip recommenced trading after successfully raising $148 million to fund the acquisition of Sezzle Inc (ASX: SZL) in its pursuit of US domination.
Four of the 11 sectors finished lower, with utilities down 2.2% behind a 3.7% fall in Origin Energy Ltd (ASX: ORG).
Shares in insurer Insurance Australia Group Ltd (ASX: IAG) were flat after the company said it had received close to 7,000 flood-related claims in Queensland and New South Wales but that it was ‘too early to determine the extent and financial impact’.
Fuel distributor Viva Energy Group Ltd (ASX: VEA) gained 1.2% after announcing it would build a green hydrogen plant and the country’s first refuelling station at its Geelong refinery.
CapVest ups bid for Virtus
Shares in healthcare provider Virtus Health Ltd (ASX: VRT), which offers reproductive, diagnostics and day hospitals, gained another 4.7% after CapVest upped their bid for the company to $7.80. This is above the $7.65 offered by private equity firm BGH, reflecting the massive growth opportunity that private market investors are seeing in the healthcare sector.
Crown Resorts Ltd (ASX: CWN) shares were broadly flat after AUSTRAC announced it would be pursuing the company over alleged non-compliance with anti-money laundering and know your customer laws.
Elsewhere, testing provider ALS Ltd (ASX: ALQ) upgraded guidance for financial year profit by 6.5%, the group citing capacity investments as being behind the surge.
RBA bullish but conservative
But all eyes were on the Reserve Bank which once again held the cash rate at 0.1% as they have indicated for months. The board highlighted Ukraine as a new source of uncertainty, alongside inflation which they say has been driven by energy price increases and supply chain disruptions caused by the pandemic.
The Australian economy remains resilient, picking up after the Omicron shadow lockdown with unemployment still at a 14-year low, but wages growth still hovering around the relatively low rates that prevailed before the pandemic. So effectively, ‘nothing to see here’ in terms of future rate hikes.
ASX 200 today
Looking ahead, the ASX 200 is expected to open lower this morning, following a negative lead from US stock markets overnight. All three US benchmarks fell by more than 1%. To find out more, check out my US stock market report.