ASX 200 afternoon report: 14 March 2024

The ASX 200 trades 22 points (-0.30%) lower at 7706 at 3.00pm AEDT.

Today has been the third consecutive day of subdued trading for the ASX 200, which is still seemingly shell-shocked; and left wondering what comes next after Monday's heavy 1.8% sell-down hit with little warning.

While US equity markets were prepared to overlook Tuesday night's warm US CPI print, the US bond market, which, as a reminder, caused a monstrous headache for global stock markets last year, has not been so forgiving. Yields on the 10-year bond closed higher overnight for a third straight session, and look set to retest year-to-date highs if tonight's PPI and retail sales data is hotter than expected.

ASX 200 stocks

Mining sector

In Tuesday's ASX 200 afternoon report, we mentioned the downward spiral the big miners have been in since the start of the year. However, there now appears to be light at the end of the tunnel, following a broker upgrade to BHP and as copper futures ripped 3.1% higher overnight.

• BHP: + 3% to $43.20
• Rio Tinto: + 2.67% to $120.07
• Mineral Resources: + 1.62% to $67.89
• Fortescue: + 0.86% to $24.72

Banking sector

Also potentially coming to an end is the phenomenal 25% rally in the ASX 200 financial sector from its October low, following the downgrade of three of the four big banks from an influential homegrown broker.

• Westpac: - 3.64% to $26.48
• ANZ: - 3.41% to $28.79
• NAB: - 3.22% to $33.34
• CBA: -1.54% to $115.74
• Macquarie's dalliance with $200 was brief, as it fell 1.23% to $197.15

Energy stocks

Rounding out the “light at the end of the tunnel” theme today, energy stocks have gained as the price of crude oil surged towards $80 after a second night of Ukrainian drone attacks on Russian oil refineries.

• Strike Energy: + 2.13% to $0.24c
• Viva Energy: + 1.91% to $3.47
• Santos: + 0.91% to $7.21
• Woodside: + 0.47% to 29.02

Gold stocks

Finally, the impressive run of gold stocks continued today as the price of bullion rebounded back to $2175 after holding key support at $2150.

• Silver Lake Resources: + 6.14% to $1.21
• Evolution Mining: +6.27% to $3.39
• Perseus Mining: + 4.21% to $2.10

ASX 200 technical analysis

Providing the ASX 200 remains above uptrend support currently at 7690ish (from the October 6751 low), we expect the ASX 200 to push towards the 7900/8000 area. Aware that if the ASX 200 loses support at 7690ish on a sustained basis, it would warn that a pullback initially to 7500 is underway with scope to 7300.

ASX 200 daily chart

• ^{Source: TradingView. The figures stated are as of 14 March 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.}