ASX 200 afternoon report: 30 January 2025

The ASX 200 trades 57 points (0.68%) higher at 8504 as of 3.00pm AEDT.

New highs on the horizon

The ASX 200 hit a fresh record high of 8515.70 this afternoon, marginally above its previous peak of 8514.5 from early December, boosted by yesterday's cooler fourth quarter inflation reading and expectations the RBA will start a modest rate-cutting cycle in February.

With its high concentration of interest rate-sensitive stocks across the financials, property, and consumer-facing sectors, the ASX 200 has risen 4.3% in January, on track for its best January since the 6.22% gain that followed China's reopening from lockdown in 2023.

International influences and tech earnings

Away from local factors, the ASX 200 has also been supported by a rise in US equity futures after fourth quarter US earnings reports from a trio of US tech giants calmed nerves after the DeepSeek sell-off earlier this week.

• Microsoft reported earnings per share of $3.23 versus $3.10 expected and revenue of $69.6 billion versus $68.81 billion expected
• Meta reported earnings per share of $8.02 versus $6.76 expected and revenues of $48.4 billion versus $46.99 billion expected
• Tesla reported earnings per share of $0.73 versus $0.77 expected and revenues of $25.71 billion versus $27.14 billion expected.

ASX 200 stocks

Consumer discretionary sector

The ASX 200 consumer discretionary sector has been the standout this month, gaining 6.73% MTD.

• Aristocrat Leisure added 3.56% to $73.89
• Harvey Norman gained 2.14% to $5.24
• JB Hi-Fi increased 1.11% to $101.40
• Super Retail climbed 0.88% to $15.97

Financial sector

The ASX 200 financial sector has reached a fresh record high, surpassing the November high it failed to quash in yesterday’s session.

• Macquarie surged 1.67% to $241.61, after hitting a fresh record high of $242.15 earlier in the session
• NAB gained 1.18% to $39.97
• CBA added 0.81% to $160.37
• Westpac climbed 0.72% to $33.79
• ANZ edged 0.39% higher to $30.75

Technology and payments sector

• Drone Shield jumped 5.08% to $0.67
• Megaport advanced 3.46% to $8.38
• Afterpay owner Block increased 2.83% to $145.41
• EML Payments rose 2.45% to $0.84

Energy Sector

Stocks in the energy sector performed well as investors capitalised on crude oil's overnight fall, marking its eighth decline in the past ten sessions.

• Ampol climbed 1.54% to $28.97
• Woodside gained 1% to $24.80
• Beach Energy increased 0.67% to $1.50
• Santos rose 0.71% to $7.07

ASX 200 technical analysis

Technically, the ASX 200 has been trading higher within a bullish trend channel for over 12 months. We expect the ASX 200 to extend today's gains towards the next upside target at 8630/8640 coming from trend channel resistance.

ASX 200 daily chart

• _{Source: TradingView. The figures stated are as of 30 January 2025. 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.}