ASX 200 afternoon report: 28 March 2024

The ASX 200 trades 70 points (0.90%) higher at 7890 at 3.10pm AEDT.

The ASX 200 is poised to conclude the first quarter of 2024 at new record highs, securing a fifth consecutive month of gains, buoyed by a strong performance on Wall Street overnight.

Market gains and economic indicators

For the first quarter of 2024, the ASX 200 is expected to achieve a gain of 3.95%, while the ASX 200 Accumulation index, which accounts for dividends, is anticipated to finish the quarter up by approximately 4.30%—aligning closely with the Reserve Bank of Australia's (RBA) official cash rate.

Following yesterday's lower-than-expected inflation figures and today's modest 0.3% month-on-month increase in retail sales for February, the RBA's cash rate is projected to end the year nearer to 3.85%, enhancing the relative appeal of the Australian stock market.

The Taylor Swift effect on retail sales

Moreover, the increase in February's retail sales, which would have been just 0.1% month-on-month without the impact of Taylor Swift's seven sold-out concerts in Sydney and Melbourne boosting spending on fashion, accessories, and dining, underscores the influence of significant events on economic indicators.

ASX 200 stocks

Mining sector

• Mineral Resources: up 3.6% to $70.75
• BHP: up 1.95% to $44.52
• Fortescue: up 1.80% to $25.62
• Rio Tinto: up 1.42% to $122.65

Property sector

• GPT Group: up 2.56% to $4.60
• Charter Hall Group: up 2.19% to $13.78
• Stockland: up 2.10% to $4.86
• Mirvac: up 1.95% to $2.35

Energy sector

• Beach Energy: reached $1.88, settled at $1.83 (up 3.50%)
• AGL Energy: up 1.03% to $8.36
• Santos: up 0.71% to $7.76
• Woodside Petroleum: up 0.5% to $30.46

Financial sector

• Bank of Queensland: up 1.29% to $6.30
• Macquarie Group: up 0.88% to $199.67
• Bendigo and Adelaide Bank: up 0.80% to $10.16
• National Australia Bank (NAB): down 0.39% to $34.55
• Commonwealth Bank of Australia (CBA): down 0.13% to $119.85
• Westpac: down 0.10% to $25.98
• ANZ: down 0.7% to $29.25

ASX 200 technical analysis

Shaking off mid-March volatility, the ASX 200 reached a new record high today at 7901.3. As long as the ASX 200 stays above the uptrend support at 7700 (originating from the October low of 6751), we anticipate it will continue to rise, targeting 7950 to 8000 once trading resumes following the Easter long weekend.

ASX 200 daily chart

• ^{Source: TradingView. The figures stated are as of 28 March 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.}