ASX 200 afternoon report: 15 October 2024

The ASX 200 trades 65 points (0.88%) higher at 8318 at 3.00pm AEDT.

Record highs driven by Wall Street rally and Chinese optimism

As we reach the halfway point of October, the ASX 200 has surged to a fresh record high of 8331.70 this afternoon.

The rally has been fuelled by Wall Street's relentless march higher, poised for a sixth consecutive week of gains—a streak not seen since the closing weeks of 2023. There is also a sense of optimism about the Chinese economy following the dovish pivot from Chinese authorities in late September.

ASX 200 stocks

Resource stocks

• Fortescue Metals Group surged 2.47% to $20.51
• Rio Tinto adding 1.44%
• BHP Group gaining 0.74% to $44.09
• Mineral Resources, still heavily shorted, slipped 0.71% to $50.31

Uranium stocks

News of Alphabet Inc. (Google) investing in next-generation nuclear power has boosted ASX-listed uranium stocks.

• Deep Yellow soared 3.71% to $1.46
• Silex Systemsadded 2.52% to $4.68
• Boss Energy gained 2.20% to $3.50
• Paladin Energy increased 2.15% to $12.07

Financial sector

The major banks continue to reclaim ground lost in late September.

• Commonwealth Bank of Australia added 1.80% to $139.28
• National Australia Bank (NAB) gained 1.55% to $38.21
• Westpac rose 1.42% to $31.50
• Australia and New Zealand Banking Group (ANZ) climbed 0.96% to $31.15

Technology stocks

Technology stocks surged today, buoyed by the tech-heavy Nasdaq's overnight performance.

• Block Inc., the owner of Afterpay, rose 3.13% to $107.21
• Humm Group gained 2.74% to $0.84
• Life360 climbed 2.54% to $21.78
• ZIP increased 2.26% to $2.94
• Tyro Payments plummeted 16% to $0.76 due to government scrutiny on card surcharges

Energy sector declines

Energy stocks fell as crude oil prices tumbled over 5% to below $71.80 in the past 24 hours. The declines followed the Organization of the Petroleum Exporting Countries' (OPEC) lowered demand forecasts, China's trade balance data indicating a fifth consecutive month of reduced oil imports, and reports of Israel refraining from targeting Iran's oil facilities.

• Woodside Energy fell 2.21% to $24.78
• Santos dropped 1.60% to $7.06
• Beach Energy slipped 1.20% to $1.23
• Viva Energy lost 1.20% to $2.91

ASX 200 technical analysis

Following gains on Wall Street overnight, the ASX 200 has today resumed its battle with multi-week trend channel resistance, which currently resides in the 8300/10 area.

A sustained break and close above here would set the ASX 200 up for a run towards 8450 into year-end. Conversely, a failure to see a sustained close above 8300/10 combined with a fall through support at 8110/00 would warn that a deeper pullback is underway.

ASX 200 daily chart

• _{Source: TradingView. The figures stated are as of 15 October 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.}