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ASX 200 afternoon report: 31 October 2023

Your ASX 200 afternoon report.

Source: Bloomberg

The ASX 200 traded 7 points higher (0.11%) at 6780 as of 3.15 pm AEDT.

Overnight, the benchmark S&P 500 closed higher on a Monday for the fifteenth time out of eighteen since 3 July. A positive session on Wall Street has often been followed by a positive session for the ASX 200 on a Tuesday, and today was no exception.

Today's market movement

Materials sector

Unfortunately, a significant portion of the ASX 200's early gains of 44 points were wiped out after China's official PMI fell short of expectations, impacting the Materials Sector negatively.

  • Mineral Resources dropped 4% to $57.76
  • Coronado Coal declined 3.13% to $1.70
  • Yancoal decreased 2.12% to $4.85
  • BHP Group slipped 1.75% to $44.32

Consumer-facing stocks

As market participants weigh the advantages and disadvantages of an RBA rate rise on Melbourne Cup Day, consumer-facing stocks rallied.

  • Bubs Australia gained 3.03% to 17 cents
  • Super Retail Group which added 2.27% to $13.05
  • Adairs increased 1.4% to $1.26
  • Domino's Pizza rose 1.38% to $50.44

Banking sector

The major banks also had a similar performance.

  • ANZ gained 0.37% to $24.63
  • Macquarie edged up 0.26% to $160.59
  • CBA advanced 0.23% to $96.45
  • Westpac added 0.2% to $20.50
  • NAB climbed 0.18% to $27.93

Resource sector

Relief over the fact that Israel's foray into Gaza over the weekend did not escalate into a broader regional conflict led to a decline in the gold price to $1,992. Safe haven investments made prior to the weekend were unwound.

  • Northern Star Resources dropped 3.31% to $11.69
  • Perseus Mining declined 1.59% to $1.71
  • Gold Road Resources fell 1.31% to $1.88
  • Regis Resources diminished 0.86% to $1.72

Lithium sector

The lithium sector had another challenging day due to continued downward pressure on lithium prices.

  • Lake Resources plummeted 5.88% to 16 cents
  • Galan Lithium declined 5.47% to 61 cents
  • Pilbara Minerals fell 3.8% to $3.67
  • Allkem slid 3.83% to $9.55

Qantas gained 2.92% to $4.94, extending its rally from this month's low of $4.67. The airline is attempting to move past the turbulence of the last three months, during which its share price fell by over 28%.

ASX 200 technical analysis

Last week's sustained break of support at 6900 in the ASX 200 introduces downside risks towards a band of support in the 6600 to 6400 range. To negate these downside risks, the ASX 200 would need to achieve a sustained close back above the 6900 to 6950 range.

ASX 200 daily chart

Source: TradingView

  • TradingView: the figures stated are as of 31 October 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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