Banking and mining stocks led the ASX higher, however, the S&P/ASX200 is down 0.60 points today to 7,410.00 at time of writing.
Over the last five days, the index has gained 0.54% and is currently 2.92% off its 52-week high.
The bottom-performing stocks in this index are Technology One Limited (ASX:TNE) down 9.12% and Pinnacle Investment Management Group Ltd down 8%.
Banks dipped early, but turned things around with CBA and ANZ rising at least 1.3%.
Resources companies were generally higher after recent gains in iron ore and crude oil prices.
BHP rose 0.7%, Woodside gained 2.1% and Santos jumped 1.8%.
Harvey Norman was one of the downtrenders, falling 1% after reporting a 35.5% fall in pre-tax profit for the first four months of FY22. That isn’t so bad when you consider the retailer fell by as much as 5.6%.
Technology One dipped 9.1% and Bapcor fell 4.8% on broker downgrades.
Interest rates lifted in NZ
In what will be a move made by money central banks in coming months, the Reserve Bank of New Zealand lifted the official cash rate.
It is now the second time in as many months that it has lifted the cash rate by 25 basis points. It now sits at 0.75%.
The RBNZ is reducing monetary stimulus to maintain price stability and support maximum sustainable employment.
"The near-term rise in inflation is accentuated by higher oil prices, rising transport costs and the impact of supply shortfalls," the RBZA says.
"These immediate relative price shocks risk generating more generalised price rises given the current domestic capacity constraints."
Given the medium-term outlook on inflation, we are likely to see another hike.
On the small cap front
Emyria Ltd (ASX:EMD) is up 8.24%. EMD has boosted its finances on receiving an R&D Tax incentive refund of $1.162 million for the 2020/2021 financial year with the incentive part of a Federal Government program to support Australian companies to undertake R&D activities in Australia.
South Harz Potash Ltd (ASX:SHP) is up 7.41%. SHP has begun constructing a drill pad within the flagship Ohmgebirge Mining Licence area in Germany, intended to recover potash from depth and verify historic drilling data from as recently as the 1980s.
Okapi Resources Ltd (ASX:OKR) is up 3.96%. OKR has begun initial field exploration programs at its high-grade Rattler Uranium Project in Utah, US, with a review of historical workings, geological mapping and rock chip sampling.
Anson Resources Ltd (ASX:ASN) is up 3.57%. ASN will accelerate engineering works for its flagship Paradox Lithium-Bromine Project in Utah, USA, as the lithium market continues to heat up.
FYI Resources Ltd (ASX:FYI) is up 1.45%. FYI is teaming up with fellow ASX-lister EcoGraf Ltd to create a better kind of battery coating — one that enhances performance with high-purity alumina (HPA).