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S&P/ASX 200 jumps 1.07% as RBA keeps cash rate at all-time low; home prices hit record high

The weekly ANZ-Roy Morgan consumer confidence rating rose by 2.9% to a 9-month high of 107.5 (long-run average since 1990 is 112.6).

Creso Pharma Ltd - S&P/ASX 200
Oil prices slipped today amid concerns over mounting supply after OPEC+ delayed talks on 2021 output policy

S&P/ASX 200 (INDEXASX:XJO) has surged 1.07% to 6587.5 by about 3.45 pm after the Reserve Bank of Australia (RBA) decided to hold official interest rates at a record-low 0.1%.

The RBA started the year with a cash rate of 0.75% but has cut the rate to its current level through March and then November.

Home prices surge

Home prices have hit record highs in 32 of the 88 SA4 regions across Australia in November.

The CoreLogic Home Value Index of national home prices rose 0.8% in November – the most since February (pre-pandemic). Prices were up 3.1% over the year.

Capital city home prices lifted 0.7%, led by gains of 1.9% in both Canberra and Darwin. Regional home prices out-performed combined capitals, up 1.4% in November – the most in 16.5 years.

Top gainers

Today’s top gainers on the ASX include Creso Pharma Ltd (ASX:CPH) (+15.56%), FYI Resources Ltd (ASX:FYI) (+21.95%), YPB Group Ltd (ASX:YPB) (+50.00%), Strategic Elements Ltd (ASX:SOR) (+12.12%), Sensen Networks Ltd (ASX:SNS) (+13.64%), Carnavale Resources Limited (ASX:CAV) (+11.11%) and Miramar Resources Ltd (ASX:M2R) (+13.33%).

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