ASX 200 afternoon report: 30 November 2023

The ASX 200 trades 39 points (+0.55%) higher at 7074 at 3:25 pm AEDT.

Market movements and ASX 200 performance

It's been noticeable in recent sessions that after a strong start, the ASX 200 has faded over the course of the day. It's unclear whether the selling has been end-of-month related or buyers have been on strike, waiting to assess Australia's latest inflation data.

As such, it's perhaps no coincidence that after the monthly CPI indicator for October surprised to the downside yesterday and with month-end imminent, the ASX 200 has surged this afternoon to its highest price in six sessions today.

Supporting the move, Building Approvals for Australia, which are notoriously volatile, expanded by 7.5% in October, rebounding from a downwardly revised 4% the previous month. Meanwhile, capital expenditure in the September quarter increased by 0.6%, less than the 1% expected. Neither should add to the case for an RBA rate hike in December.

Today's market movements

Financial sector

• Macquarie: +1.60% to $168.22
• NAB: +0.82% to $28.35
• Westpac: +0.76% to $21.32
• ANZ: +0.74% to $24.36
• CBA: +0.62% to $103.97

Mining sector

• Fortescue: +1.40% to $25.12
• Rio: +0.47% to $125.16
• BHP: Flat at $46.19
• Mineral Resources: -1.29% to $60.47 (Iron ore price: $129 per tonne)

Energy sector

• Paladin: -5.47% to $0.95
• Bannerman: -4.83% to $2.56
• Silex Systems: -3.9% to $3.20
• Deep Yellow: -0.96% to $1.03

Lithium sector

• Core Lithium: -6.9% to $0.27
• Lake Resources: -5.36% to $0.13
• Vulcan Energy: -3.35% to $2.60
• Iluka: -1.65% to $6.83

The Origin Board rejected a revised takeover bid from the Brookfield-led consortium, stating that the proposal was not in the best interest of Origin or its shareholders. Origin Energy's share price fell by 2.38% to $8.20.

ASX 200 technical analysis

The ASX 200 has delineated an inverted head and shoulders pattern, forming at the October 6751 low, with the neckline situated around 7140. Although not a textbook representation of an inverted head and shoulders, it contributes to our analysis, indicating that as long as the ASX 200 maintains a position above the October 30th low of 6751, it is poised to challenge the 200-day moving average at 7164. Thereafter, the potential extends toward the range highs at 7400.

ASX 200 daily chart

• _{TradingView: the figures stated are as of 30 November 2023. 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.}