Market Close 2 Aug 22: ASX 200 defies early selling to finish higher

Following a widely expected increase in the cash rate, the Australian sharemarket clawed back a 0.69 per cent loss and secured its sixth

straight gain, with the ASX 200 up 5.1pts or 0.07 per cent, to 6998.1. This is the longest winning streak since late March. Financial stocks

(up 0.77 per cent) did much of the heavy lifting, with the Big 4 banks all up. Interest-rate sensitive property stocks (down 1.6 per cent) fell the

most, marking the sector’s worst day in almost a month. This was closely followed by a 1.1 per cent decline in the Materials sector – after

the release of weaker-than-anticipated manufacturing data across Asia, Europe & the US.

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