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ASX 200 afternoon report: 18 June 2024

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

Source: Getty Images

The ASX 200 trades 69 points (+0.90%) higher at 7769 at 3.30pm AEST.

ASX 200 rebounds and inflation remains above target

The ASX 200 has rebounded strongly today, buoyed by gains on Wall Street and after the Reserve Bank of Australia (RBA) kept rates on hold at 4.35% for a fifth consecutive meeting.

In the accompanying statement, the RBA noted that while inflation is easing, it has been doing so more slowly than previously expected, and inflation remains well above the midpoint of its 2-3% target range.

Unwavering inflation prolongs hold on RBA rate

The RBA reiterated that returning inflation to target within a reasonable time frame remains its priority and that the Board wasn't "ruling anything in or out."

Today's RBA Board meeting outcome was neutral, in line with expectations. The RBA rate will remain on hold until it gets a clearer reading that inflation is on track to return to target, or the economy hits a pothole.

Economic and inflation data

The following key data will provide further insights into the economy's and inflation's trajectory ahead of the RBA's 6 August meeting.

  • Monthly CPI indicator for May: Wednesday, 26 June
  • RBA Meeting Minutes: Tuesday, 2 July
  • Labour Force Report: Thursday, 18 July
  • Retail Sales for June: Friday, 26 July
  • Q2 Inflation: Wednesday, 31 July

Before the RBA's 2.30pm announcement, the rates market priced in 16 bp of RBA rate cuts for December, with a first full 25 bp cut priced by April. This pricing has been reduced slightly to about 12 bp of rate cuts by December.

ASX 200 stocks

Banking sector

  • CBA hit a fresh record high of $127.99 before paring gains to trade at $127.45 (1.57%)
  • NAB gained 1.76% to $35.88
  • ANZ added 1.22% to $129.16
  • Westpac added 0.95% to $27.22

Healthcare stocks

  • CSL rose 1.8% to a four-month high of $294.19
  • Ansell gained 2.09% to $26.32
  • Sonic Healthcare added 1.67% to $26.23
  • Cochlear added 1.43% to $331.96
  • Ramsay Healthcare added 1.01% to $48.87

Mining sector

The big miners have risen despite the ongoing downturn in the Chinese housing market.

  • Rio Tinto added 0.66% to $118.94
  • Mineral Resources added 0.59% to $61.38
  • BHP gained 0.52% to $42.67
  • Fortescue dived 5.5% to a seven-month low of $21.71

ASX 200 technical analysis

The view remains that the ASX 200 will trade sideways between 7900 and 7600 this month, before an eventual break higher in the new financial year towards 8000. A sustained move above resistance at 7900/10 would confirm that the next leg higher has commenced.

On the downside, a sustained break below support at 7630/00 would open a deeper decline towards 7435 (the 200-day moving average).

ASX 200 daily chart

Source: TradingView
  • Source: TradingView. The figures stated are as of 18 June 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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