CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

ASX 200 afternoon report: 23rd of February 2023

Find out all the latest information on the ASX 200 market. Updated as of 23rd February, 3.15 pm Sydney time.

Source: Bloomberg

The ASX 200 trades 27.50 points lower (-0.37%) at 7287 at 3.15 pm.

The ASX 200 has fallen for a third straight session, taking its lead from Wall Street after the minutes from the last FOMC meeting failed to detail the criteria for a Fed pause and noted that a “few” members called for a 50 bp rate rise to slow inflation.

Another round of disappointing earnings reports also buffeted the local market. Fund manager Platinum became the latest high-profile stock to feel the wrath of shareholders as it fell 16.3% to $1.90 following its earnings report that showed a 37.4% fall in profits on top of investor outflows.

The share price of Qantas fell 7% to $6.02, despite reporting a record first-half-year profit of $1.4 billion. Higher than expected capex and an expectation that airfares will fall during the second half of the year suggest the tailwinds of the Covid re-opening will soon become headwinds for the flying Kangaroo.

Mining sector

The big miners found themselves in the firing line again today after Rio Tinto's earning report released after the market closed showed its underlying profit fell by 38% to $ 13.28 billion, missing expectations of $13.96 billion.

  • Rio Tinto fell 2.3% to $122.59
  • BHP fell 3.58% to $46.61
  • South32 fell 1.53% to $4.52
  • Mineral Resources added 2.1% to $86.58 as it expanded its investment in a lithium hydroxide plant in China.

Financial sector

The share price of the big banks remains under pressure following their updates last week.

  • NAB fell 0.7% to $29.85
  • Macquarie lost 0.7% to $188.98
  • Westpac fell by 0.7% to $22.72
  • ANZ fell 0.56% to $24.79.

Health Care sector

In an otherwise dreary day, the defensive Health Care sector has been a shining light led by Telix Pharmaceuticals which added 4% to $6.54.

Consumer-facing stocks

Star Entertainment confirmed speculation that it needed capital after it announced an $800m capital raising at $1.20 per share.

  • Bega Cheese which fell 8.2% to $3.29
  • ZIP fell 7% to $0.53c
  • Blackmores fell 6.5% to $79.19 as it provided guidance but lifted its dividend by 38% to $0.87c
  • Domino's Pizza climbed 1.7% to $55.33 as bargain hunters took advantage of its 23% fall yesterday.

ASX 200 technical analysis

Technically the pullback in the ASX 200 from the February 6th 7567 high is nearing the 7200/7000 support band (coming from the uptrend support from the October 6411 low and the 200-day moving average) we have been targeting since late January.

ASX 200 daily chart

Source TradingView. The figures stated are as of February 23rd, 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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