Skip to content

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: 23 November 2023

Your ASX 200 afternoon report.

Source: Bloomberg

The ASX 200 trades 39 points (-0.56%) lower at 7033 at 3.15 pm AEDT.

Despite a positive lead from Wall Street overnight, it was a soft session for the ASX 200 today, with the heavy-weight energy and materials sector doing much of the damage.

Energy sector

Overnight, there was an announcement of a delay in the monthly OPEC+ meeting, attributed to reported disagreements among members regarding potential production cuts. This development resulted in a momentary 5% decline in crude oil prices before stabilizing, ultimately settling 1.2% lower at $77.10.

  • Woodside -1.15% to $31.67
  • Beach Energy -1.14% to $1.52
  • Santos -0.84% to $7.06
  • Origin Energy +1.25% to $8.52

Resource sector

Today, a gauge of Chinese property stocks experienced a notable 7% surge following reports that struggling developers, including Country Garden and Sino-Ocean Group, were under consideration for financial support. Despite this positive development and a major US brokerage revising their short-term forecast for iron ore to $140 per tonne, prominent mining companies have succumbed to profit-taking today, retracing some of their recent gains.

  • Fortescue - 2.02% to $24.92
  • BHP -1.67% to $47.05
  • Rio Tinto -1.15% to $126.29
  • Mineral Resources -1.14% to $643.98

Retail sector

Consumer stocks fell after RBA Governor Michele Bullock, speaking at the ABE annual dinner in Sydney overnight, noted that inflation remains too high and is "increasingly homegrown." While the RBA is not expected to hike rates again before year-end, the rates market is assigning a 45% chance the RBA will hike rates by 25bp in February to 4.60%.

  • Harvey Norman -3.5% to $3.59
  • Domino's Pizza -1.91% to $52.90
  • Super Retail Group fell 1.51% to $13.38
  • Nick Scali fell 8.26% to $10.66, with the sell-off fuelled by news that the company's CEO, Anthony Scali, had sold $50 million worth of shares.

Bank sector

  • AMP + 6.5% to $0.91c, after it announced it had agreed to pay $100 million to settle a class action lawsuit
  • Westpac +0.33% to $21.30
  • ANZ +0.04% to $24.35

Technology sector

Saving the fireworks for last Appen, which traded above $43.00 just over three years ago, fell 28.82% today to $0.61c after a disappointing trading update and a share placement at $0.55c per share to raise $30 million to sure up the company balance sheet.

ASX 200 technical analysis

In recent weeks, the ASX 200 has traced out an inverted head and shoulders bottom at the 6751 low, with the neckline coming in around 7130. While I wouldn't call it a textbook example of an inverted head and shoulders, it does add to our thoughts that while the ASX 200 remains above the October 30th, 6751 low, the ASX 200 will test the 200-day moving average at 7200, with the scope towards range highs at 7400 into year-end.

ASX 200 daily chart

Source: TradingView

  • TradingView: the figures stated are as of 23 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 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.

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
  • Try a risk-free trade
  • 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

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Friday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.