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ASX 200 afternoon report: 1 February 2024

Your ASX 200 afternoon report.

Source: Bloomberg

The ASX 200 trades 80.50 points (-1.06%) lower at 7600 at 2.30 pm AEDT.

Just a day after making a fresh record high at 7682.3, the ASX 200 has slumped in a heap today, giving back most of yesterday's stunning gains following a hasty retreat from the bulls on Wall Street overnight.

The soft session on Wall Street came after this morning's FOMC meeting disappointed optimists hoping for a Fed rate cut in March. Compounded by risk aversion flows stemming from earnings misses from mega tech companies, Microsoft, Alphabet and AMD.

For the chart watchers, today's sell-off on the ASX 200 leaves Wednesday's push to fresh all-time highs, exposed as a false break high – a fate consigned to two-thirds of all breakouts. Of course, the other one-third of breakouts tend to run a lot further than hoped for, and for this scenario to play out, the ASX 200 must not see a sustained break below horizontal support at 7570.

Today's market movement

While all eleven sectors are trading lower, the damage was concentrated across a handful of ASX 200 sectors, including the IT sector.

IT sector

  • Apen: -4.62% to $0.31c
  • Zip: -2.67% to $0.73c
  • Novonix: -2.65% to $0.55c
  • Wisetech: -2.62% to $0.71c

Financial sector

The promise of an eleventh straight week of gains for the ASX 200 financial sector appears unlikely as sellers raced to lock in profits in the big banks.

  • CBA: -1.85% to $115.37
  • Westpac: - 1.30% to $23.86
  • NAB: -1.2% to $32.21
  • Macquarie: -1.15% to $188.26
  • ANZ: -0.40% to $27.09

Mining sector

  • Mineral Resources: -2.35% to $58.54
  • Coronado Global: -2% to $1.60
  • New Hope: -1.2% to $5.33
  • Fortescue: -1.1% to $29.56
  • Rio Tinto: -0.66% to $132.05
  • BHP: -0.44% to $47.06

Energy sector

Energy stocks are trading lower after crude oil slumped 2.29% overnight to below $76.00 as a rise in US crude inventories, a weak Chinese PMI, and a possible cease-fire in Gaza weighed.

  • Santos: -1.27% to $7.75
  • Woodside: -0.93% to $32.11
  • Beach Energy: -0.15% to $1.65

Gold sector

Gold stocks usually provide a safe port to ride out rough conditions. Not today, despite the price of bullion climbing today to $2046 (+0.37%).

  • Gold Road Resources: -2.96% to $1.47
  • Perseus Mining: -1.94% to $1.77
  • Regis Resources: -2.15% to $2.04
  • Evolution Mining: -1.25% to $3.17

ASX 200 daily chart

Source: TradingView
  • Source: TradingView. The figures stated are as of 1 February 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 Australia Pty Ltd. 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.

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