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S&P/ASX 200 rises for a third day after RBA leaves cash rate unchanged

Published: 13:58 03 Feb 2021 AEDT

Lithium Australia NL - S&P/ASX 200

S&P/ASX 200 (INDEXASX:XJO) has surged for a third straight day, up 1.04% to 6,833 points by 1.56 pm after briefly hitting a fresh 11-month high earlier in the day.

While the market has been see-sawing so far this year, the ASX 200 is still up by 3.6% since January 1.

Cash rate unchanged at 0.1%

The Reserve Bank of Australia (RBA) held its cash rate steady at a record low of 0.1% at its first policy meeting of the year on Tuesday.

RBA Governor Philip Lowe surprised the market by extending the RBA’s bond-buying program by another $100 billion.

He said Australia will need to maintain “very significant monetary support” for several years, with the cash rate set to stay near zero for “as long as is necessary” in the wake of the COVID-19 pandemic.

Jeff Bezos to step down

Amazon’s founder Jeff Bezos announced his decision to step aside as CEO and become executive chairman of the company he created around 30 years ago.

Bezos will be replaced by the head of Amazon’s cloud computing division, Andy Jassy who has helped the company become a force in the cloud infrastructure services market.

Top gainers

Today’s top gainers on the ASX include Lithium Australia NL (ASX:LIT) (+14.81%), Calima Energy Ltd (ASX:CE1) (+28.57%), Opyl Ltd (ASX:OPL) (+14.81%), Nelson Resources Ltd (ASX:NES) (+15.12%), Elementos Limited (ASX:ELT) (+23.08%), Alice Queen Ltd (ASX:AQX) (+13.33%) and Ansila Energy NL (ASX:ANA) (+11.11%).

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