ASX 200 afternoon report: 30 January 2024
Your ASX 200 afternoon report.
The ASX200 trades 11 points (+0.15%) higher at 7589 at 3.00 pm AEDT.
With Wall Street in imperious form overnight, the ASX 200 raced out of the gates today for an early 50-point gain, looking for its seventh consecutive day of gains. At its intraday high of 7630.50, the ASX 200 today recaptured all the ground it lost during its 4% sell-off to the mid-January 7322 low.
If there was a blemish to be found, the index fell narrowly short of breaking the 7632.8 record high from August 2021, encouraging sellers to step in after lunch. Whether the ASX 200 gets another chance at record highs after tomorrow's all-important Q4 CPI data remains to be seen.
For those wondering, Q4 headline inflation is expected to increase by 0.8% for an annual rate of 4.3%. The RBA's preferred measure of inflation, the trimmed mean, is expected to rise by 0.9% QoQ, allowing annual trimmed mean inflation to ease to 4.3%. This would see the annual rate of trimmed mean fall below the RBA's forecast of 4.5%.
Following today's woeful retail sales data for December (-2.7% MoM vs -1.7% expected), a soft CPI would cement expectations of RBA rate cuts in the second half of 2024. Currently, the first RBA rate cut is 50% priced for June and fully priced for September.
Today’s market movement
Tech sector
Local tech stocks gained today, supported by record highs overnight for mega tech companies Microsoft, Alphabet, Meta, and Amazon.
- Megaport: +29.86% to $12.70 after a blockbuster trading update
- Appen: +7.58% to $0.35c
- Afterpay owner Block: + 6.69% to $104.52
- Zip: + 5.10% to $0.77c
Mining sector
The big miners extended their gains following recent stimulus announcements in China.
- Mineral Resources: +1.67% to $60.83
- Fortescue: + 1.56% to $29.71
- Rio Tinto: +0.66% to $132.67
- BHP: +0.47% to $47.09
Twelve months ago, the price of uranium was trading at $50 per tonne. Today, it trades at around $100 per tonne.
- Deep Yellow: +6.72% to $1.43
- Bannerman: +5.75% to $3.59
- Paladin: + 2% to $1.25
Financial Sector
Looking for an eleventh week of gains, the ASX 200 financial sector has faltered.
- AMP: -2.86% to $0.93c
- Westpac: -0.54% to $23.80
- ANZ: -0.30% to $26.78
- Macquarie: -0.21% to $187.23
- NAB: -0.2% to $32.08
- CBA made a fresh record high at $116.94 before sellers stepped in to send it lower to $115.89
ASX 200 technical analysis
After completing a corrective pullback at the mid-January 7322 low, the expectation was to retest the 7633 double top, which has now been achieved. More significant battles now need to be fought. To open up a move towards 7900, the ASX 200 needs to see a sustained break above the year-to-date highs at 7633.
ASX 200 daily chart
- Source: TradingView. The figures stated are as of 30 January 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.
Start trading forex today
Find opportunity on the world’s most-traded – and most-volatile – financial market.
- Trade spreads from just 0.6 points on EUR/USD
- Analyse with clear, fast charts
- Speculate wherever you are with our intuitive mobile apps
See an FX opportunity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Take your position
- See whether your hunch pays off
See an FX opportunity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from just 0.6 points on popular pairs
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See an FX opportunity?
Don’t miss your chance. Log in to take your position.
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.
