ASX 200 afternoon report: 9 November 2023
Your ASX 200 afternoon report.
The ASX 200 trades 20 points (0.30%) higher at 7015 at 3.00 pm AEDT.
ASX 200 sheds October Blues with Wall Street rallying boost
A late rally on Wall Street has provided a tailwind for the ASX 200, allowing it to continue erasing the remnants of a dismal October. At this morning's peak of 7045, the ASX 200 was up almost 3.90% for November, following a 3.80% decline in October.
Fueling the rebound was last week's softer US economic activity and employment data, coupled with a more cautious stance from the Federal Reserve. This sentiment was echoed locally by the Reserve Bank of Australia's (RBA) dovish interest rate hike on Tuesday.
Today’s market movement
Health care sector
- CSL: +1.92% to $252.60, 10% above its $228.65 low last week
- Ansell added 1.17% to $23.00
- Bionic ear company Cochlear + 0.53% to $253.66
Financial sector
The financial sector outperformed, led by CBA.
- CBA: + 1.70% to $102.40
- Macquarie: +1.44% to $163.42, looking to build on its rebound from a 52-week low
- Westpac: - 1.82% to $21.31 after trading ex-dividend
- NAB: + 0.79% to $29.40 despite reporting a slightly lower-than-expected profit ($7.73bn vs $7.82 exp) and dividend (0.84c vs $0.85c exp)
Resource sector
Inflation in China fell by -0.2% YoY in October, reigniting fears of deflation in the world’s second-largest economy. Softer Chinese activity and inflation have raised the odds of additional government stimulus measures.
- Fortescue: +1.17% to $23.37
- Mineral Resources: + 0.96% to $59.81
- Rio Tinto: + 0.71% to $120.22
- BHP: + 0.58% to $44.96
IT sector
The IT sector snapped a six-day winning streak falling 4.35%. Behind the move was an earning miss from Xero.
- Xero: -12.06% to $100.90
- ZIP: - 6.33% to $0.37c
- Humm Group: - 1.18% to $0.42c
- Wisetech Global: -1.26% to $62.84
Energy sector
With two sessions left to go, crude oil is on track for its second consecutive weekly fall of more than 5%, after closing at $75.33 overnight. This week’s sell-off in crude oil is a reaction to China’s soft trade data on Tuesday that inflamed concerns around global growth.
- Beach Energy: -1.14% to $1.52
- Woodside Energy: - 0.84% to $33.07
- Santos: - 0.27% to $7.31
ASX 200 technical analysis
Last week, the ASX 200 closed above 6950, which negated the technical damage following October's sell-off. If the ASX 200 can close above resistance at 7000/10 today, it will provide a platform for the index to test the 200-day moving average at 7200, with scope to range highs at 7400.
You can watch our video review of this week's RBA rate hike, and what comes next for the ASX 200 here.
ASX 200 daily chart
- TradingView: the figures stated are as of 9 November 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.
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.
