At closing bell, the benchmark S&P/ASX200 index rose marginal 5.08 points, or 0.07%, to 6,998.05. The broader All Ordinaries index added by 3.42 points, or 0.05%, to 7,216.36.
The top performing stocks in this index were ZIP CO and THE A2 MILK CO, up 15.1% and 7.9% respectively. The worst performers of the session were APPEN and UNITED MALT GROUP, which fell 27.3% and 6.3%, respectively, at the close.
Total 8 of 11 ASX sectors closed higher, with Consumer Discretionary was the best performing sector, gaining +1.46%, followed by consumer staple (up 1.2%) and information technology (up 0.87%). Property trusts was worst performing sector, falling 1.6%, followed by materials (down 1.1%) and energy (down 0.9%).
In company news, Marvel Gold shares declined advanced 11% after the company announcing that the recently completed drilling and survey highlighted the potential for research growth at the Tabakorole gold project in Mali.
Shares of LiveTiles dropped 36% after the intranet and digital workplace software company submitted a formal request to be removed from the official list of the Australian Securities Exchange.
ECONOMIC NEWS: The Reserve Bank of Australia Board decided to increase the cash rate target by 50 basis points to 1.85%. It also increased the interest rate on Exchange Settlement balances by 50 basis points to 1.75%. The bank's governor, Philip Lowe, said Australia's economy would grow slower this year and in coming years than the RBA had forecast in its May statement on monetary policy.
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