ASX 200 afternoon report: 25 June 2024
Find out below who have been the shakers and movers in today’s session on the ASX 200.
The ASX 200 trades 88 points (1.14%) higher at 7822 at 3.05pm AEST.
Following a lacklustre start to the week, the ASX 200 has bounced back today and is poised to achieve its first daily close above 7800 since the first week of June. All sectors are trading in positive territory.
Consumer sentiment remains low
The rebound came despite Westpac's Consumer Sentiment Index remaining in deeply pessimistic territory in June, rising 1.7% to 83.6. The supportive measures in the Federal budget were "negated by increased concerns about inflation and the outlook for interest rates."
Inflation concerns ahead
Further bad news on inflation will likely be heard tomorrow as the monthly Consumer Price Index (CPI) indicator is expected to show that inflation increased to 3.8% in May from 3.6% prior. The increase will be driven by base effects and this month's update skewed towards the sticky services component. Ahead of its release, the rates market is pricing in about a 12% chance of a 25 bp RBA rate hike in August to 4.60%.
ASX 200 stocks
Energy sector
The ASX 200 energy sector gained 2.18% as the oil price touched a high of $81.90 today, its highest level in eight weeks. The gains in oil have been supported by concerns over supply following recent Ukraine drone attacks on Russian oil infrastructure and hopes of improving demand as the US driving season gathers momentum.
- Woodside Energy added 3.39% to $27.88
- Santos added 1.73% to $7.63
- Beach Energy gained 0.85% to $1.48
Mining sector
The big miners have rebounded as the price of iron ore gained 1.30% in Asia today to $103.90.
- BHP added 1.73% to $43.16
- Mineral Resources added 1.4% to $55.52
- Rio Tinto gained 1.16% to $120.37
- Fortescue added 0.87% to $21.4
Financial sector
The ASX 200 financial sector made a fresh 17-year high today, led by the Commonwealth Bank of Australia (CBA), which continues to infuriate the bank bears.
- CBA traded 0.91% higher at $127.96
- NAB gained 1.95% to $36.65
- Macquarie added 1.93% to $203.09
- Westpac added 0.9% to $27.39
- ANZ climbed 0.35% to $28.78
What's happening in corporate?
In corporate news, Uranium miner Paladin Energy has fallen 4.46% to $12.65, 30% below last month's $17.98 high. Today's fall comes after Paladin, with a market cap of about $4 billion, bid $921 million for Canadian Fission Uranium at an implied price of $1.30 per share. The board of Fission have recommended shareholders accept the deal which is expected to be finalised in September.
ASX 200 technical analysis
With three full trading sessions remaining until the end of the month, our view that the ASX 200 would trade sideways during June has been spot on. A break above 7900/10 is needed to indicate that the period of range trading is complete and that a move towards 8,000 is underway.
ASX 200 daily chart
- Source: TradingView. The figures stated are as of 25 June 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.
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.
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