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ASX 200 afternoon report: 21 November 2023

Your ASX 200 afternoon report.

Source: Bloomberg

The ASX 200 trades 23 points (0.33%) higher at 7081 at 3.15 pm AEDT.

Australian market rides Wall Street's surge

The Australian share market is set for a second day of gains this week, as Wall Street's remarkable rebound in November continued overnight. Strong demand for the US Treasury's latest 20-year bond auction saw US bond and equity markets finish in a sea of green. The Nasdaq closed at its highest level since January 2022, while the S&P 500 closed at its highest price since August 2023.

How Australian stocks withstand RBA's hawkish outlook

The hawkish tone of the recently released RBA meeting minutes, indicating the bank's latest forecasts were predicated on an additional one to two increases in the cash rate over coming quarters, did not derail the ongoing rally in the local market. Today's resilience came courtesy of Australian resource and energy stocks, more influenced by offshore sentiment than domestic interest rate expectations.

Today’s market movement

Uranium stocks

  • Uranium + $78.30 overnight - up over 64% year to date
  • Paladin +4.25% to $1.04
  • Bannerman Energy +4.25% to $2.82
  • Deep Yellow +3.59% to $1.23

Mining sector

The big miners gained as the price of iron ore climbed to $132.85 overnight.

  • Mineral Resources + 3.21% to $65.97
  • Rio Tinto + 2.02% to $127.52
  • BHP + 1.62% to $47.50
  • Fortescue Metals + 1.62% to $25.72, eyeing its all-time $26.58 high from July 2021

Lithium sector

  • Galan Lithium +8.15% to $0.73c
  • Liontown Resources +4.8% to $1.53
  • Vulcan Energy + 5.37% to $2.55
  • Pilbara +3.65% to $3.69

Oil sector

The price of crude oil gained 2.1% overnight to $77.62 on expectations that OPEC will announce deeper cuts at its meeting later this week.

  • Beach Energy +0.82% to $1.54
  • Viva Energy +0.67% to $3.02
  • Woodside +0.35% to $31.91

The big banks

  • Macquarie +0.64% to $169.30, pulling further away from its late October $155.30 low
  • CBA + 0.60% to $103.81
  • Westpac + 0.19% to $21.26
  • ANZ + 0.08% to $24.27
  • NAB + 0.02% to $27.95

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 21 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 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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