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ASX 200 afternoon report: 11 July 2024

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

Source: Adobe Images

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

Mining sector

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

Uranium stocks

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.

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
  • 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.

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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