Afternoon trading August 16

Thanks @shovel40, @Fiji1 and morning crew.

Half-time wrap:

The share market pushed pushed for a sixth straight gain as strong overnight leads helped traders look past an RBA warning that rate cuts are not on the table this year.

The ASX 200 surged 98 points or 1.25% after upbeat economic data carried US stocks to a sixth straight gain overnight. The S&P 500 climbed 1.61% to recoup the last of its losses from a three-day recession scare that caused global market carnage earlier this month.

Resource stocks led the charge here after commodity prices responded to the improved market mood. Gains in oil and base and precious metals helped raise the energy sector 1.98% and materials 2.12%.

There was little reaction to a reminder from the RBA that policy-makers disagree with current market pricing on rate cuts this year.

"Financial markets are still pricing in a rate cut by the end of the year. The Board’s message, though, was that it is premature to be thinking about rate cuts. Inflation is still too high and, in underlying terms, is not expected to be back in the top of the band until the end of next year," RBA Governor Michele Bullock told the House of Representatives Standing Committee on Economics.

"Based on what the Board knows at present, it does not expect that it will be in a position to cut rates in the near term," she added.


Personal trading: Made some coin from the perambulations in SRJ. Missed a few more.