On 4 October, the Australia stock market closed at a high as investors chased bargain hunting on tracking a positive lead from Wall Street overnight. The central bank closed at a smaller-than-expected 25 basis points rate hike. The benchmark has raised the interest rate by 25 basis points to 2.60 per cent. The Reserve Bank of Australia has increased the rate by 25 basis points. The Reserve bank of Australia said it “helps achieve a more sustainable balance of demand and supply.” The central bank said that “it expects to continue increasing rates over the period ahead.”

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The benchmark S&P/ASX200 index rose 242.42 points, or 3.75 per cent, to 6,699.29, with all sectors finishing in positive territory. The broader All Ordinaries index added 248.95 points or 3.74 per cent to 6,905.34.

Financials soared, with the country’s ‘Big Four’ banks adding between 4 per cent and 5 per cent. Following the rate hike, National Australia Bank said it would raise home loan rates by 0.25 per cent per annum.

BHP Group, Fortescue Metal and Rio Tinto shares gained between 1.7 per cent and 3.8 per cent. 

The Organization of the Petroleum Exporting Countries and its allies are considering their biggest output cut since the start of the COVID-19 pandemic. Woodside Energy surged 4.9 per cent, and Santos surged 4.2 per cent. The Australian dollar was down 0.8 per cent at $0.64625