ASX up 0.2pc as RBA sharpens inflation focus; MinRes to boost lithium output

ASX 200 gives us most of its gains, closing 0.2 per cent higher after RBA signals rate hikes are on the way. MinRes to lift lithium production. Block breach impacts millions. IGO's $1bn nickel bid may collapse.

Technology shares have been bolstered by Elon Musk’s purchase of a stake in Twitter. Picture: Saeed Khan / AFP

Welcome to the Trading Day blog for Tuesday, April 5. ASX 200 trims earlier gains to finish 0.2 per cent higher after RBA signals rate hikes are on the way. MinRes to boost lithium output

 

The S&P/ASX 200 index closed 0.2 per cent higher at 7527.9, giving up most of the trading sessions gains of as much as 0.8 per cent, after RBA signals rates hikes are on the way.

Economists expects a rate hike on June 7 in the wake of RBA's comments after keeping rates on hold as widely expected.

In the US, technology shares rallied after Tesla CEO Elon Musk revealed that he owned a 9.2 per cent stake in Twitter. The news sent the social media company soaring more than 27 per cent.

The Dow Jones Industrial Average gained 0.3 per cent, the S&P 500 added 0.8 per cent and the tech-heavy Nasdaq climbed 1.9 per cent.

US Nymex crude oil climbed more than 4 per cent to $US103.28 a barrel after the EU said it was looking at slapping Russia with further sanctions. Iron ore futures, meanwhile, added 1.3 per cent to $US162 a tonne.