FX.co ★ ASX Rises to Close Over 3-Month High

The S&P/ASX 200 Index increased by 0.5% to close at 8,387 on Wednesday, marking the second consecutive session of gains. This uptick followed the Reserve Bank of Australia's decision to reduce its cash rate by 25 basis points in response to easing inflationary pressures. Australian stocks achieved their highest level in over three months, driven by optimism regarding potential further rate cuts, following this year's second reduction on Tuesday. Nearly all sectors experienced positive momentum, with notable performances by energy, healthcare, communication services, utilities, and financials. The real estate sector recorded a slight increase, influenced by the announcement from the Big Four banks to reduce home loan interest rates by 25 basis points in alignment with the RBA's decision. Significant stock performers included Perseus Mining, which increased by 9%, Emerald Resources, climbing 8.6%, SEEK, advancing 7%, and both Evolution Mining and Genesis Minerals, rising by 6.9% and 6.7%, respectively.