ASX 200 afternoon report: 9th of February 2023
Find out all the latest information on the ASX 200 market. Updated as of 9th February, 3.00 pm AEDT.
The ASX 200 trades 43 points (-0.57%) lower at 7487 at 3.00 pm Sydney time.
The ASX 200 has slumped today, taking its lead from a fall on Wall Street, as Fed Speakers hit the wires to beat the hawkish drums and remind markets that higher rates will be required for longer to bring down inflation.
IT sector
The tech sector experienced losses today, led by Google.
- Google fell 7.44% after its new AI intelligence chatbot Bard underwhelmed
- Sezzle fell 8.53%
- ZIP fell 5.91%
- Megaport fell 5.65% as it elected not to pay a dividend
- Novonix fell 4.72% to $1.72.
AGL fell 11% after reporting a loss of $ 1.1 billion for the first half of the year. It also slashed guidance and its interim dividend to 8c per share. Elsewhere, Real Estate heavyweight Mirvac slumped 5% to $2.28 as wet weather, interest rate hikes, and labour shortages limited its first-half earnings.
Financial sector
The pressure of this week’s RBA rate hike and intensification in the fight for new deposits has hada negative effect on all banks apart from ANZ.
- ANZ has added 0.23% to $23.85 after its upbeat trading update
- NAB fell 0.8% to $31.80
- Westpac fell 0.36% to $23.82
- CBA fell 0.4% to $109.89.
Mining sector
The 40% fall in the price of coal out of Newcastle since the start of the year continues to weigh on the coal miners.
- Whitehaven coal fell 5.62% to $8.06
- New Hope fell 4.9% to $5.81
- Yancoal fell 4.62% to $5.87
- Coronado Coal fell 4.65%
- Fortescue Metals added 0.89% to $22.68
- BHP added 0.02% to $48.13
- Rio Tinto fell 0.4% to $123.65.
Technical analysis
We view the ASX 200 as being stretched to the upside and overbought after five straight weeks of gains. For the Elliott Wave followers, there is a five-wave advance from the October 6411 low to this week’s 7567.7 high. All of which warn that a pullback is looming.
A break of support at 7460/50 (coming from recent lows) would indicate that a medium-term high is in place and that a corrective pullback is underway. We continue to favour trimming longs ahead of the bull market 7632 high and looking to either buy a sustained break of the 7632 high or a pullback into the 7200/7000 support area.
ASX 200 daily chart
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