Australian shares rebounded today after the Reserve Bank of Australia surprised investors with a bigger-than-expected rate cut.The RBA cut rates by a full percentage point to 6%, double the amount that had been expected.
The Australian market opened more than 3% lower after significant falls on Wall Street overnight, with the Dow Jones Industrial Average dropping 369.88 points, or 3.58%, to close at 9955.50.
Engineering company Monadelphous Group picked up 35 cents to $11.85 after the company won a $140 million contract to provide services to the Worsley alumina project in Western Australia.
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