Utilities stocks lead a broad-based recovery on the Australian bourse on Tuesday at midday, rising 1.46%.
The Australian stock market tracked a rebound on Wall Street, with the S&P 500 and the Dow Jones Industrial Average closing higher. The Reserve Bank of Australia is expected to hold the cash rate steady in its policy decision later today.
Contact Energy (ASX:CEN, NZE:CEN) confirmed that the New Zealand Commerce Commission extended the deadline for its clearance decision on the its proposed acquisition of Manawa Energy (NZE:MNW). The regulator will now issue a decision on May 9 instead of Monday.
The ASX 200 moderated its early gain after futures covering all three US stock indices fell. Australia's seasonally adjusted retail turnover rose 0.2% month on month in February, following a 0.3% rise in January.
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