ASX 200 afternoon report: 14 November 2024

The ASX 200 trades 16 points (+0.20%) higher at 8209 as of 2.30pm AEDT.

Labour market insights

The Australian Bureau of Statistics (ABS) Labour Force report revealed that the Australian economy added 15,900 jobs in October, slightly below the 25,000 expected by the market. The unemployment rate held steady at 4.1% for the third consecutive month, as the participation rate eased to 67.1% from a record high of 67.2%.

Bjorn Jarvis, ABS Head of Labour Statistics, noted, 'With employment rising by around 16,000 people and the number of unemployed up by around 8000, the unemployment rate remained at 4.1 percent.'

While job growth has exceeded expectations in recent periods, the current softer growth indicates a modest cooling in the resilient labour market. Although reaching the Reserve Bank of Australia's (RBA) forecasted unemployment rate of 4.3% by December seems unlikely, today's figures provide the central bank with a chance to maintain its focus on inflation and keep interest rates in a restrictive range while preserving labour market gains.

Market expectations

As the end of 2024 approaches, the Australian rates market is pricing in just a 10% chance of an RBA rate cut before year-end, with the first anticipated 25 basis point (bp) reduction not expected until August 2025.

ASX 200 stocks

IT sector

The ASX 200 IT sector reached a new record high today, rising over 17% since 24 October - the day Wisetech Global chief executive officer (CEO) Richard White stepped down.

• Appen surged 7.09% to $2.87
• Xero gained 5.84% to $170.99
• Block, owner of Afterpay, hit a two-and-a-half-year high, increasing 1.61% to $131.84

Banking sector

Commonwealth Bank of Australia shares soared to a new record high of $152.45, following a robust first-quarter (Q1) 2025 trading update that reported a cash profit of $2.5 billion for the quarter.

• Westpac rose 0.7% to $32.23
• ANZ added 0.7% to $31.50
• NAB climbed 0.65% to $38.55
• Macquarie increased 0.41% to $228.89

Gold sector

• Northern Star declined 4.3% to $15.82
• Gold Road Resources fell 3% to $1.70
• Evolution Mining lost 2.9% to $4.50
• Regis Resources dropped 2.85% to $2.37

Mining sector

Iron ore prices have dipped below the key psychological level of $100 in trading on the Singapore futures exchange today, resulting in mixed outcomes for major miners.

• Fortescue dropped 1.45% to $18.02
• BHP decreased 0.85% to $40.21
• Conversely, Rio Tinto gained 0.8% to $114.59
• Mineral Resources rose 0.66% to $35.17.

ASX 200 technical analysis

The ASX 200 continues to trade within a range, remaining below resistance at the 8384-record high and above significant horizontal support at 8110 - 8100. A sustained break of either of these levels is needed to indicate the ASX 200’s next significant move.

ASX 200 daily chart

• _{Source: TradingView. The figures stated are as of 14 November 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.}