ASX 200 afternoon report: 23rd of February 2023
Find out all the latest information on the ASX 200 market. Updated as of 23rd February, 3.15 pm Sydney time.
The ASX 200 trades 27.50 points lower (-0.37%) at 7287 at 3.15 pm.
The ASX 200 has fallen for a third straight session, taking its lead from Wall Street after the minutes from the last FOMC meeting failed to detail the criteria for a Fed pause and noted that a “few” members called for a 50 bp rate rise to slow inflation.
Another round of disappointing earnings reports also buffeted the local market. Fund manager Platinum became the latest high-profile stock to feel the wrath of shareholders as it fell 16.3% to $1.90 following its earnings report that showed a 37.4% fall in profits on top of investor outflows.
The share price of Qantas fell 7% to $6.02, despite reporting a record first-half-year profit of $1.4 billion. Higher than expected capex and an expectation that airfares will fall during the second half of the year suggest the tailwinds of the Covid re-opening will soon become headwinds for the flying Kangaroo.
Mining sector
The big miners found themselves in the firing line again today after Rio Tinto's earning report released after the market closed showed its underlying profit fell by 38% to $ 13.28 billion, missing expectations of $13.96 billion.
- Rio Tinto fell 2.3% to $122.59
- BHP fell 3.58% to $46.61
- South32 fell 1.53% to $4.52
- Mineral Resources added 2.1% to $86.58 as it expanded its investment in a lithium hydroxide plant in China.
Financial sector
The share price of the big banks remains under pressure following their updates last week.
- NAB fell 0.7% to $29.85
- Macquarie lost 0.7% to $188.98
- Westpac fell by 0.7% to $22.72
- ANZ fell 0.56% to $24.79.
Health Care sector
In an otherwise dreary day, the defensive Health Care sector has been a shining light led by Telix Pharmaceuticals which added 4% to $6.54.
- Sonic Healthcare added 1.7% to $33.25
- Ramsay Health Care added 3.5% to $68.20 after its first-half profits rose by 22%.
Consumer-facing stocks
Star Entertainment confirmed speculation that it needed capital after it announced an $800m capital raising at $1.20 per share.
- Bega Cheese which fell 8.2% to $3.29
- ZIP fell 7% to $0.53c
- Blackmores fell 6.5% to $79.19 as it provided guidance but lifted its dividend by 38% to $0.87c
- Domino's Pizza climbed 1.7% to $55.33 as bargain hunters took advantage of its 23% fall yesterday.
ASX 200 technical analysis
Technically the pullback in the ASX 200 from the February 6th 7567 high is nearing the 7200/7000 support band (coming from the uptrend support from the October 6411 low and the 200-day moving average) we have been targeting since late January.
ASX 200 daily chart
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Explore the markets with our free course
Learn how shares work – and discover the wide range of markets you can spread bet on – with IG Academy's free ’introducing the financial markets’ course.
Put learning into action
Try out what you’ve learned in this shares strategy article risk-free in your demo account.
Ready to trade shares?
Put the lessons in this article to use in a live account – upgrading is quick and easy.
- Trade on over 13,000+ popular global stocks
- Protect your capital with risk management tools
- React to breaking news with out-of-hours trading on 70 key US stocks
Inspired to trade?
Put your new knowledge into practice. Log in to your account now.
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
