ASX 200 afternoon report: 17 September 2024
The ASX 200 hit a fresh record of 8150.50 today, driven by gains in the real estate and tech sectors, as market optimism builds ahead of the FOMC meeting.
The ASX 200 trades 23 points (0.29%) higher at 8144 at 3.15pm AEST.
ASX 200 sets new record high: reflecting on past milestones
The ASX 200 clinched a fresh record high today of 8150.50, just seven weeks after setting its previous peak of 8148 back in early August.
While today's gains were not as strong as anticipated based on this morning’s ASX 200 futures close, a new record is always noteworthy—especially for those who recall the long, arduous 13-year journey to reclaim its 2007 high.
Back then, celebrations were cut short by the onset of the Covid-19 pandemic just six weeks later. This time, there is hope that today's push to new highs will prove more sustainable.
ASX 200 stocks
Real estate sector
With interest rate cut fever well rippling through markets ahead of Thursday's Federal Open Market Committee (FOMC) meeting, it was no surprise that the interest rate-sensitive ASX 200 real estate sector led today's advance.
- Centuria Capital surged 3.41% to $1.97
- Dexus added 2.31% to $7.74
- Mirvac gained 2.22% to $2.30
Tech stocks
Local tech stocks gained despite a modest fall in the tech-heavy Nasdaq 100 overnight.
- Appen soared 6% to $1.60, now up 236% over the past three months
- Afterpay owner Block gained 2.3% to $97.46
- Xero added 2.24% to $147.66
- DroneShield climbed 0.87% to $1.16
Energy Sector
The price of crude oil rebounded above $70.00 overnight, bolstered by supply disruptions from Hurricane Francine's impact in the Gulf of Mexico and mounting expectations of a more aggressive Federal Reserve (Fed) rate cut this week.
- Beach Energy gained 0.88% to $1.14
- Santos added 0.7% to $7.05
- Woodside Energy climbed 0.66% higher to $24.26
Mining sector
The big iron ore miners gained as the price of iron ore rallied 1.5% today to $92.60.
- Fortescue gained 1.6% to $17.47
- Rio Tinto added 0.44% to $111.34
- BHP edged 0.15% higher to $39.61
- Mineral Resources fell 1.18% to $37.82, running out of steam after its 33% bounce to this week's $39.76 high
Banking sector
The big banks remain in demand for those seeking exposure to the Australian stock market without the risks associated with the Chinese economy.
- Westpac added 0.73% to $33.03
- CBA gained 0.31% to $143.43
- ANZ added 0.11% to $31.23
- NAB edged 0.09% higher to $38.81
ASX 200 technical analysis
A sustained close above 8150 would open the way for the rally to extend towards weekly trend channel resistance at around 8230/50. Conversely, a failure to sustain the break above 8150 would keep the ASX 200 range bound with scope for a retest of last week's 7918 low.
ASX 200 daily chart
- Source: TradingView. The figures stated are as of 17 September 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.
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