Investors sharply sold out of real estate stocks today amid growing concerns of the impact rising interest rates will have on the housing market.
Mirvac Group led the sectors? losses, while Stockland and Scentre Group each also fell by more than 2%.
And recent ASX rocket Bubs Australia has grown a little too fast it seems as the baby formula company today announced a $63m equity raise to ?support growth initiatives? including ?scaling up activities, building up inventory and funding US operating expenses? as demand for the company?s products continues to surge in the US.
The Australian market closed a quarter of a percent higher today as a rally for gold mining and energy stocks boosted the key index, while investors sharply sold out of real estate stocks after the RBA announced a 50 basis point interest rate hike.
Get it first, get it fast, get Grafa.