ASX surge in early trade sets in as tech stocks lose momentum

Welcome to your five-minute recap of the trading day and how the experts viewed it.

Numbers: Australia’s stock market ended a three-day losing streak to start the week rising 1.1% ahead of the Reserve Bank’s looming interest rate decision on Tuesday.

The ASX 200 climbed 72.7 points to 6,612.6 points at Monday’s close, with energy stocks leading the index, rising 2.8%. Santos climbed 3.2% and Woodside rose 2.7% after oil prices rose on Friday.

ASX kicks off a three-day losing streak.Credit:Louise Kennerley

All sectors rose as the market stabilized after a strong morning rally, with miners lagging the index after iron ore prices continued to fall over the weekend. BHP fell 0.2%.

The big four banks all rose slightly, while healthcare, consumer discretionary and real estate stocks rose more than 1.7%.

The lifters: Imugene 12.8%, New Hope Corporation 8.4%, Ingenia Communities Group 5.3%

The latecomers : Magellan Financial Group -9.3%, Pointsbet Holdings -5.6%, Perpetual -3.1%

The truth : The ASX followed a rally on Wall Street last Friday to start the session jumping as much as 1.7% behind particularly strong tech stocks, which faded as the session continued.

Markets were awaiting the Reserve Bank’s interest rate decision on Tuesday, with economists expecting a 50 basis point rate hike.

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