Market Wrap: Benchmark ASX200 dips in quiet trading

Investors appeared to shrug off hawkish remarks from the Reserve Bank of Australia, as the share market recorded only a slight dip in quiet trading on Wednesday following Tuesday’s strong advance.

At the closing bell, the benchmark ASX200 had edged lower by 8.4 points, or 0.11 percent, to 7769.7, while the broader All Ordinaries index dipped by 5.3 points, or 0.07 percent, to finish at 8010.5. Tech stocks slipped 0.16 percent, or 4.9 points, to end at 3089.1.

This quiet session followed a strong advance on Tuesday, with the benchmark rising 1 percent despite the RBA’s warning that it would do “what is necessary” to return inflation to its 2-3 percent target band.

The subdued day on the local market mirrored a quiet night on Wall Street. The Dow Jones edged up 0.15 percent to 38,834 points, while the S&P 500 and tech-heavy Nasdaq rose 0.25 percent and 0.029 percent, respectively.

The Aussie dollar gained against the Greenback, rising 0.2 percent to buy US66.6c at the closing bell.