ASX 200 afternoon report: 31 October 2023
Your ASX 200 afternoon report.
The ASX 200 traded 7 points higher (0.11%) at 6780 as of 3.15 pm AEDT.
Overnight, the benchmark S&P 500 closed higher on a Monday for the fifteenth time out of eighteen since 3 July. A positive session on Wall Street has often been followed by a positive session for the ASX 200 on a Tuesday, and today was no exception.
Today's market movement
Materials sector
Unfortunately, a significant portion of the ASX 200's early gains of 44 points were wiped out after China's official PMI fell short of expectations, impacting the Materials Sector negatively.
- Mineral Resources dropped 4% to $57.76
- Coronado Coal declined 3.13% to $1.70
- Yancoal decreased 2.12% to $4.85
- BHP Group slipped 1.75% to $44.32
Consumer-facing stocks
As market participants weigh the advantages and disadvantages of an RBA rate rise on Melbourne Cup Day, consumer-facing stocks rallied.
- Bubs Australia gained 3.03% to 17 cents
- Super Retail Group which added 2.27% to $13.05
- Adairs increased 1.4% to $1.26
- Domino's Pizza rose 1.38% to $50.44
Banking sector
The major banks also had a similar performance.
- ANZ gained 0.37% to $24.63
- Macquarie edged up 0.26% to $160.59
- CBA advanced 0.23% to $96.45
- Westpac added 0.2% to $20.50
- NAB climbed 0.18% to $27.93
Resource sector
Relief over the fact that Israel's foray into Gaza over the weekend did not escalate into a broader regional conflict led to a decline in the gold price to $1,992. Safe haven investments made prior to the weekend were unwound.
- Northern Star Resources dropped 3.31% to $11.69
- Perseus Mining declined 1.59% to $1.71
- Gold Road Resources fell 1.31% to $1.88
- Regis Resources diminished 0.86% to $1.72
Lithium sector
The lithium sector had another challenging day due to continued downward pressure on lithium prices.
- Lake Resources plummeted 5.88% to 16 cents
- Galan Lithium declined 5.47% to 61 cents
- Pilbara Minerals fell 3.8% to $3.67
- Allkem slid 3.83% to $9.55
Qantas gained 2.92% to $4.94, extending its rally from this month's low of $4.67. The airline is attempting to move past the turbulence of the last three months, during which its share price fell by over 28%.
ASX 200 technical analysis
Last week's sustained break of support at 6900 in the ASX 200 introduces downside risks towards a band of support in the 6600 to 6400 range. To negate these downside risks, the ASX 200 would need to achieve a sustained close back above the 6900 to 6950 range.
ASX 200 daily chart
- TradingView: the figures stated are as of 31 October 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.
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