ASX 200 afternoon report: 22 August 2024

The ASX 200 trades 21 points (0.26%) higher at 8031 at 2.30pm AEST.

ASX 200 approaches 10th consecutive gain

The ASX 200 is on track to achieve a rare milestone of ten consecutive days of gains, a feat last accomplished a decade ago. Reaching a morning high of 8039, the index has rallied over 5.3% from its early August low of 7628, bringing it within 1.5% of the 8148 record high set earlier this month. Unlike past market rallies, this upward movement has been characterised by a steady grind higher, suggesting a more sustainable trend compared to previous surges that were built on less stable foundations.

ASX 200 stocks

Mining sector

• Fortescue climbed 2.39% to $18.40
• Mineral Resources added 1.48% to $46.68
• Rio Tinto posted a gain of 0.69% to $112.70
• BHP increased 0.34% to $41.02

IT sector

• WiseTech Global surged 9.09% to $121.70 following broker upgrades stemming from its stellar earnings report
• DroneShield rose 4.78% to $1.20
• Life360 increased by 2.88% to $19.29
• Appen added 2.16% to $1.18
• Megaport plunged 19.85% to $9.47 as the market reacted negatively to its inline FY2024 EBITDA of $57.1 million, focusing instead on its disappointing FY2025 guidance

Financial sector

Despite reporting a 14% rise in underlying profits after tax to $216.6 million, Insignia Financial's share price has dropped. As investors were disappointed by the wealth manager’s decision to pause dividends.

• Insignia Financial’s shares dived 13.48% to $2.54
• CBA added 0.26% to $136.38 after trading ex-dividend yesterday
• NAB added 0.22% to $36.89
• Westpac lost 0.46% to $30.13
• ANZ slipped 0.07% to $29.97

Retail sector

• Super Retail Group surged 5.94% to $17.65 after hitting a fresh record high of $17.74 earlier in the session. Its gains came after it reported an inline result and announced a bumper special dividend of 50 cents per share
• Baby Bunting climbed 2.92% to $1.58
• Nick Scali added 2.28% to $15.25
• Domino's Pizza dived 6.10% to $30.92, eyeing its 52-week low of $28.78 after its earnings report earlier in the week disappointed

ASX 200 techinical analysis

The ASX 200's rebound from the 7600/7500 support area, which includes the 200-day moving average, has reinforced its importance as the downside level to watch going forward. While current focus is on whether the index can surpass its all-time high of 8148, a retest of the 7600/7500 level before the end of the year remains a possibility.

ASX 200 daily chart

• _{Source: TradingView. The figures stated are as of 22 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.}