ASX 200 afternoon report: 13 August 2024

The ASX 200 trades 9 points (0.12%) higher at 7823 at 2.15pm AEST.

ASX 200 strives for recovery despite RBA's rate hike warnings

The ASX 200 looks set to lock in a third straight session of gains as the aftershocks from last week's volatility continue to ease. Offering a boost to market sentiment, Japan's Nikkei extended its rebound and has reclaimed all the ground it lost after it plunged 15% last week.

Despite the broader market recovery, the ASX 200 remains 120 points (1.50%) below its opening level from last Monday, constrained by the Reserve Bank of Australia's (RBA) recent hawkish stance. Governor Michele Bullock's comments warned that the RBA stands ready to raise interest rates to combat sticky inflation.

ASX 200 stocks

Consumer-facing stocks

• Kogan gained 4.6% to $4.21
• JB Hi-Fi gained 3% to $75.17 after hitting a fresh record high of $75.42
• Temple and Webster soared 25.16% to $11.90 after it reported a 26% revenue increase to a record $498 million

Oil sector

Crude oil surged 4.2% overnight to $80.06 as geopolitical tensions in the Middle East continue to rise.

• Beach Energy gained 3% to $1.28, reclaiming some ground lost yesterday after its disappointing earnings report saw it dive 12.63%
• Santos added 0.8% to $7.68
• Woodside Energy added 0.61% to $25.57

Banking sector

• ANZ shares gained 1.4% to $28.62 after a European broker upgraded it to a buy.
• Westpac added 0.82% to $28.45 after the same broker upgraded it to neutral
• CBA gained 0.9% to $131.95
• NAB added 0.6% to $36.20
• Macquarie slipped 0.46% to $203.40

Biotech stocks

• CSL lost 4.37% to $295.45 after it reported a robust 25% increase in net profit to $2.64 billion for FY2024. However, its FY25 guidance was below expectations, reflecting weaker-than-expected revenue growth
• Seek fell 9.87% to $19.94 after it reported job ad volumes dived 20% in 2024, which saw its annual earnings fall 13% to $483 million

ASX 200 technical analysis

The ASX 200 has a critical layer of support in the 7600/7500 area, which includes the 200-day moving average at 7591 and the April 7492 low. This region provides a solid level for investors to lean against to add to longs, leaving room to add towards the lower bound of the weekly trend channel at 7000.

ASX 200 daily chart

• _{Source: TradingView. The figures stated are as of 13 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.}