ASX 200 afternoon report: 11 July 2024

The ASX 200 trades 65 points (0.0.84%) higher at 7882 at 3.00pm AEST.

Opening surge influenced by Wall Street

The ASX 200 surged 86 points (1.10%) after today's opening bell to a three-month high of 7902.6, within a whisker (8 points) of its all-time high of 7910.5, before paring gains.

The rally followed another round of record highs on Wall Street, boosted by Fed Chair Powell's comments that the US economy is "no longer overheated" ahead of tonight's consumer price index (CPI) update.

ASX 200 stocks

Property stocks

• Mirvac led the surge with a 3.92% increase to $1.92
• Charter Hall Group added 2.49% to $2.18
• Stockland Group gained 2% to $4.32
• Dexus added 1.63% to $6.56

IT sector

• Xero surged 3.12% to $141.11, eyeing its November 2021 high of $156.65
• Life360 added 2.29% to $16.55
• Tyro Payments gained 2.21% to $0.92
• Computershare added 1.65% to $27.40

Mining sector

A 3.59% rally in iron ore to $109.20 on the Singapore futures exchange boosted the big miners.

• Mineral Resources added 2.71% to $56.96
• Fortescue 1.81% to $21.98
• BHP gained 0.97% to $43.59
• Rio Tinto added 0.86% to $120.40

Uranium stocks

• Deep Yellow surged 8.97% to $1.48
• Bannermen Energy added 8.52% to $3.31
• Boss Energy Energy added 7.87%
• Silex Systems added 6.61% to $14.04
• Paladin Energy gained 6.64% to $14.04

Energy stocks

After snapping a three-day losing streak overnight, crude oil trades 0.80% higher at $82.76 in Asia today, this boosted energy stocks.

• Beach Energy added 2.68% to $1.53
• AGL Energy added 1.55% to $10.46
• Woodside Energy gained 1.05% to $28.81
• Santos added 0.38% to $7.91

Telecommunications stocks

Telstra gained for a third straight session on track for its highest close in fourteen weeks. We think there is more upside towards $4.00 for the Telco giant, presuming it can break above downtrend resistance at $3.85ish, coming from the June 2023 $4.46 high.

• Telstra gained 0.13% to $3.83.

Financial sector

• CBA, which gained 0.76% to $129.51
• NAB added 0.89% to $36.14
• Westpac gained 0.24% to $27.58
• ANZ fell 1.21% to $29.35 on reports that ASIC is investigating dubious trading in government bonds by the bank.

ASX 200 technical analysis

Today's gains are consistent with our view that the ASX 200 has spent the past three months consolidating/correcting its gains from the late October 6751 low to the early April 7910.5 high. A break above the all-time high at 7910.5 is needed to confirm the correction is complete and that the uptrend has resumed, targeting 8000 as the next stop.

ASX 200 daily chart

• _{Source: TradingView. The figures stated are as of 11 July 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.}