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ASX slips on rate rise news

ASX slips on rate rise news

The ASX200 gave up most of its early gains as the day wore on and then slipped further to close at 4591 once the Reserve Bank announced a 25 basis point increase in the cash rate.

David Jones “(ASX:DJS)”:http://www.cxo.com.au/articles/tag/David%20Jones/ dropped 30c or 5% to $5.54 while Wesfarmers (ASX:WES) nudged up 19c to $25.74 and Woolworths edged up 9c to $29.17

Fortescue Metals (ASX:FMG) lost 19c to close at $3.40 a fall of 5%, but BHP Billiton “(ASX:BHP)”:http://www.cxo.com.au/articles/tag/BHP%20Billiton/ moved up 33c to $36.65 and Rio Tinto (ASX:RIO) gained 88c to close at $57.73

James Hardie industries (ASX:JHX) was one of the better performing major stocks gaining 22c to $7.30

The banks were generally positive, Macquarie Group (ASX:MQG) up $1.05 to $53.00, ANZ up 20c to $23.30 but the National Australia Bank was down 11c to $29.09 and the
Commonwealth Bank lost 18c to close at $49.50

Pharmaceuticals company Bionomics (ASX:BNO) continued its strong run closing at 29.5c. The company recently completed a $15M capital raising and has products in clinical trial for anxiety and cancer.

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Tags David JonesmarketsJames HardieBionomicsFortescue Metals

More about ANZ Banking GroupBHP BillitonBionomicsCommonwealth Bank of AustraliaDavid JonesNational Australia BankRIO TINTOWoolworthsWoolworths

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