The local market took the first rate increase from the RBA since 2010 in its stride, recovering from a mid-afternoon swoon to close with modest losses. Most sectors finished lower with REITs and materials the largest drags with falls of over 1%. Financials, a beneficiary of higher interest rates, managed to recoup its early losses, ending the day down 0.3%. Bank reporting season kicks off tomorrow with ANZ’s preliminary result. Information Technology enjoyed a rare up day despite another lift in bond yields, riding the late rebound on the Nasdaq overnight. It gained 0.9%. Despite the volatility at the single stock level, the S&P/ASX 200 eased just 30 points, or 0.42%.

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