ASX 200 afternoon report: 5 December 2024

The ASX 200 is trading 13 points (0.16%) higher at 8476 as of 3:00pm AEDT.

Bitcoin's momentum outpaces ASX 200 growth

The ASX 200 gained today, supported by fresh record highs on Wall Street, with the Dow Jones closing above 45,000 for the first time.

In a significant milestone for another asset class, Bitcoin surged above 100,000 during today's trading session, extending its rally since the United States (US) election. Bitcoin has spent the past 12 sessions working off overbought conditions in preparation for its latest upward move.

The recent surge in Bitcoin is anticipated to drive the next wave of momentum buying, potentially pushing it towards targets of 105,000 and 120,000 by 2025. In contrast, the ASX 200's rise has been more gradual compared to Bitcoin's explosive rally in recent weeks.

ASX 200 stocks

Technology stocks

• Afterpay owner Block jumped 5.59% to $152.56
• TechnologyOne rose $3.10 to $32.17
• Wisetech Global added 3% to $113.49
• Megaport climbed 2.25% to $7.76

Consumer discretionary sector

A fresh record high in the ASX 200 consumer discretionary sector was boosted by the prospect of earlier Reserve Bank of Australia (RBA) interest rate cuts following yesterday’s disappointing Australian third quarter (Q3) gross domestic product (GDP) print.

• Kogan surged 4.54% to $5.30
• Temple & Webster gained 3.9% to $13.07
• Premier Investments added 3.53% to $36.69
• Adairs climbed 2.14% to $2.86

Financial sector

The big banks also benefitted from the possibility of earlier RBA rate cuts.

• CBA rose 0.72% to $158.06
• Macquarie gained 0.40% to $233.96
• Westpac added 0.41% to $33.25
• ANZ edged up 0.1% to $31.22
• NAB fell 0.2% to $38.98

Energy sector

Ahead of tonight’s delayed Organisation of the Petroleum Exporting Countries (OPEC+) meeting, where production cuts are expected to be extended for three months to address supply concerns, energy stocks declined.

• Woodside Energy lost 1.13% to $24.57
• Santos slipped 0.82% to $6.68
• Ampol fell 0.8% to $28.35
• AGL Energy declined 0.1% to $11.07

Mining sector

• Mineral Resources lost 2.22% to $34.31
• BHP fell 0.95% to $40.68
• Fortescue slipped 0.41% to $19.62
• Rio Tinto traded flat at $120.00 after its production guidance for fisal year (FY) 2025 met expectations

ASX 200 technical analysis

Following the ASX 200’s sequence of higher highs over the past six weeks, analysts have raised the trend channel resistance. For the ASX 200 to signal a more impulsive move higher, it needs to break above this resistance, currently around 8500.

Otherwise, analysts expect a continuation of the two-step forward, one-step back type of price action observed since September.

ASX 200 daily chart

• _{Source: TradingView. The figures stated are as of 5 December 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.}