ASX 200 afternoon report: 19 November 2024

The ASX 200 trades 131 points (+1.59%) higher at 8431 as of 3.20pm AEDT.

ASX 200 surges to fresh highs

The ASX 200 reaches a new record high after decisively breaking above the previous peak of 8384.5 set in mid-October.

Today’s rally was driven by optimism ahead of Nvidia’s earnings report, expected on Thursday morning. Investors are positioned long, anticipating a fifth consecutive quarterly earnings beat from the artificial intelligence (AI) leader.

RBA meeting minutes boost financials

The Reserve Bank of Australia (RBA) meeting minutes from the November board meeting, released this morning, offered a balanced perspective.

The minutes reiterated that current policy settings remain appropriate as the RBA works to return inflation to target 'within a reasonable time frame while preserving as many of the gains in the labour market as possible.'

Markets continue to see little chance of a interest rate cut before May 2025.

ASX 200 stocks

Finacial sector

The ASX 200 financial sector rose 1.34% to a new record high.

• Commonwealth Bank of Australia (CBA) advanced 1.92% to $155.93
• National Australia Bank (NAB) climbed 1.33% to $39.68
• Macquarie gained 1.35% to $232.98
• Westpac added 0.95% to $33.55
• Australia and New Zealand Banking Group (ANZ) edged 0.34% higher to $32.57

Technology sector

Nvidia's enthusiasm has flowed through to local tech stocks.

• TechnologyOne climbed 1.2% to $29.76 after its fiscal year (FY) 2024 results revealed an 18% increase in profit before tax to $159.2 million
• Afterpay owner Block surged 6.46% to $139.43
• Xero advanced 3.95% to $177.30
• Wisetech Global gained 3.3% to reach a fresh all-time high of $140.04, recovering from October’s sharp 30% drop in just 18 trading sessions

Mining sector

Gold ended a six-day losing streak overnight, recovering above $2620 as the US dollar rally paused.

• Northern Star Resources surged 5% to $17.05
• Perseus Mining rose 4.55% to $2.64
• Evolution Mining added 4.32% to $4.95
• Regis Resources climbed 4.12% to $2.65

Energy sector

Crude oil prices surged 3.2% overnight to $69.17, driven by escalating geopolitical tensions in Europe. Ukraine’s authorisation to deploy United States (US) long-range missiles near Kursk and a power outage in Norway, which halted production at the Johan Sverdrup oilfield, added upward pressure on prices.

• Ampol gained 2.67% to $29.25
• Woodside Energy rose 2.21% to $24.61
• Beach Energy advanced 1.37% to $1.30
• Santos edged 0.66% higher to $6.86

ASX 200 technical analysis

The ASX 200 has surpassed its 8384-record high, which was reinforced by trend channel resistance. With the index still some way from overbought readings after four weeks of consolidation, we see little standing in the way of the ASX 200 and a test of 8600.

ASX 200 daily chart

• _{Source: TradingView. The figures stated are as of 19 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.}