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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

ASX 200 afternoon report: 17 April 2024

Find out below who have been the shakers and movers in today’s session on the ASX 200.

Source: Bloomberg

The ASX 200 trades 4 points (0.06%) higher at 7616 at 3.00pm AEST.

A bruised and battered ASX 200 is on track to limp over the finishing line in positive territory today, snapping its four-day losing streak. The four-day sell-off, which at yesterday's low point of 7585, cost the index a hard-earned 263 points (3.37%), and has wiped out most of the ASX 200's gains for 2024, leaving shareholders contemplating what might come next.

On the positive side of the ledger, an element of uncertainty was removed overnight after Fed chair Powell acknowledged that rates would need to stay higher for longer. The Fed chair's shift in tone reduces the chances of the central bank committing the policy blunder of cutting interest rates, while inflation remains stubbornly high.

Challenges ahead: ASX 200 faces headwinds and opportunities amid geopolitical tensions

On the negative side of the ledger, the seasonal sweet spot for the ASX 200 is now coming to an end amid an environment of rising bond yields and elevated geopolitical tensions as Israel's war cabinet continues to deliberate over its response to Iran's attack over the weekend.

In contrast, DroneShield, a company specializing in drone detection and mitigation technologies, finds itself well-positioned to benefit from the current geopolitical tensions. The company recently announced a significant stride forward, securing a three-year procurement deal with NATO. This development has led to a notable surge in its share price, propelling (pun intended) it 17.46% higher to $1.11.

ASX 200 stocks

IT sector

IT stocks have gained today after the tech-heavy Nasdaq stabilised overnight.

  • Appen: + 2.29% to $0.67c
  • Megaport: + 1.90% to $13.95
  • Tyro Payments: + 1.09% to $0.93c
  • Afterpay: + 1.38% to $114.87

Consumer-facing stocks

Australian labour force data for March will be released tomorrow morning at 11.30 am. The market expects the economy to lose 40k jobs and the unemployment rate to rebound to 4% from 3.7%.

  • Myer: + 2.86% to $0.72c
  • Dominoes: + 1.61% to $37.98
  • Harvey Norman: + 1.32% to $4.60
  • JB Hi-Fi: + 1.23% to $61.59

Banking sector

The ASX 200 financial sector has gained, led by the Bank of Queensland, which surged 4.83% to $6.08 after announcing "bold" strategic initiatives to improve returns while reporting a 33% decline in net profits in the first half of the year.

  • ANZ: + 0.56% to $28.58
  • Westpac: + 0.33% to $25.65
  • CBA: + 0.11% to $112.33

Mining sector

The big miners have offered little support to the index

  • BHP: - 1.37% to $44.35
  • Rio Tinto: - 0.30% to $128.31
  • Fortescue: - 0.18% to $24.99

ASX 200 technical analysis

The ASX 200 cut through several key support levels yesterday, including uptrend support at 7750/40ish and wave equality support at 7700, leaving the index vulnerable to a test of support at 7500. To negate the technical damage, the ASX 200 first needs to reclaim resistance at 7750ish, followed by a rebound above trend line support at 7800.

ASX 200 daily chart

Source: TradingView
  • Source TradingView. The figures stated are as of 17 April 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 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.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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