ASX 200 afternoon report: 22 August 2024
Find out below who have been the shakers and movers in today’s session on the ASX 200.
The ASX 200 trades 21 points (0.26%) higher at 8031 at 2.30pm AEST.
ASX 200 approaches 10th consecutive gain
The ASX 200 is on track to achieve a rare milestone of ten consecutive days of gains, a feat last accomplished a decade ago. Reaching a morning high of 8039, the index has rallied over 5.3% from its early August low of 7628, bringing it within 1.5% of the 8148 record high set earlier this month. Unlike past market rallies, this upward movement has been characterised by a steady grind higher, suggesting a more sustainable trend compared to previous surges that were built on less stable foundations.
ASX 200 stocks
Mining sector
- Fortescue climbed 2.39% to $18.40
- Mineral Resources added 1.48% to $46.68
- Rio Tinto posted a gain of 0.69% to $112.70
- BHP increased 0.34% to $41.02
IT sector
- WiseTech Global surged 9.09% to $121.70 following broker upgrades stemming from its stellar earnings report
- DroneShield rose 4.78% to $1.20
- Life360 increased by 2.88% to $19.29
- Appen added 2.16% to $1.18
- Megaport plunged 19.85% to $9.47 as the market reacted negatively to its inline FY2024 EBITDA of $57.1 million, focusing instead on its disappointing FY2025 guidance
Financial sector
Despite reporting a 14% rise in underlying profits after tax to $216.6 million, Insignia Financial's share price has dropped. As investors were disappointed by the wealth manager’s decision to pause dividends.
- Insignia Financial’s shares dived 13.48% to $2.54
- CBA added 0.26% to $136.38 after trading ex-dividend yesterday
- NAB added 0.22% to $36.89
- Westpac lost 0.46% to $30.13
- ANZ slipped 0.07% to $29.97
Retail sector
- Super Retail Group surged 5.94% to $17.65 after hitting a fresh record high of $17.74 earlier in the session. Its gains came after it reported an inline result and announced a bumper special dividend of 50 cents per share
- Baby Bunting climbed 2.92% to $1.58
- Nick Scali added 2.28% to $15.25
- Domino's Pizza dived 6.10% to $30.92, eyeing its 52-week low of $28.78 after its earnings report earlier in the week disappointed
ASX 200 techinical analysis
The ASX 200's rebound from the 7600/7500 support area, which includes the 200-day moving average, has reinforced its importance as the downside level to watch going forward. While current focus is on whether the index can surpass its all-time high of 8148, a retest of the 7600/7500 level before the end of the year remains a possibility.
ASX 200 daily chart
- Source: TradingView. The figures stated are as of 22 August 2024. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation.
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