RBA interest rates kept at 4.35%, stocks fall, Domino CEO Don Meige resigns, Trump trade falters, MinRes recovers

Australian shares fell as voting began in the US presidential election, widely seen as the most anticipated market event of the year.

WITH&The P/ASX 200 index closed down 32.8 points, or 0.4 per cent, at 8131.8. It comes after US stocks fell, Treasuries rose and the dollar fell on Monday night (AEDT) as traders trimmed bets on former President Donald Trump’s victory following a new poll that showed Vice President Kamala Harris leading in the state Iowa, where the fight is. .

“The so-called ‘Trump trade’ has ended ahead of what looks to be a very tight presidential race,” said ANZ Research economist Brian Martin. “Opinion polls, polls and betting markets show both candidates neck and neck, with results within the margin of error. This heightens concerns that a disputed result could prolong uncertainty, adding to market volatility.”

On the ASX, all 11 sectors ended the session lower. Banking shares were the hardest hit, down 0.6%, as the Reserve Bank of Australia once again left interest rates unchanged at 4.35%, saying core inflation “remains too high.” Westpac Bank was the worst hit of all the major banks, falling 1.5% to $31.92. A day earlier, banking stocks rose 0.9% after reporting net income of $7 billion for the 2024 fiscal year.

Energy stocks also fell after oil prices stabilized following Monday’s rally. Brent crude rose 3% in the previous session following rising tensions in the Middle East and OPEC+’s decision to extend supply curbs. On Tuesday, Brent crude oil closed trading in Asia virtually unchanged.

Stocks in the spotlight

Domino’s Pizza fell 6.3% to $31.60 after the company announced that CEO Don Meij would leave after 22 years at the helm of the pizzeria. In its latest trading report, covering the first 17 weeks of the new financial year, the company also noted still weak same-store sales.

Shares in Mineral Resources jumped 4.1 percent to $38.20. Shares fell nearly 10 percent to $36.70 on Monday on news that billionaire founder Chris Ellison will step down within 18 months after the board discovered he had used the mining company’s resources for personal gain.

Lifestyle Communities rose 7.7% to $9.10 as prominent activist shareholders HMC Capital took a stake in the company, according to documents filed with the exchange operator.

Star entertainment broke a losing streak that lasted 5 sessions, rising 7.1% (22.5 cents). On Monday, wealth giant Perpetual sold a $129.7 million stake worth about $26 million and priced at 20 cents apiece.

Shares in Sigma Healthcare fell 2.2 percent to $1.97 apiece as about 11 million shares traded in blocks. The Australian Competition and Consumer Commission is still assessing the S mergerIgma Healthcare And Chemical warehousewhich would allow the latter company to gain access to a backdoor listing on the ASX.

RBC Capital Markets initiates coverage FireFly Metals with a recommendation of “excellent”. Shares rose 1.6% to $1.29.