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ASX 200 afternoon report: 12 March 2024

Your ASX 200 afternoon report.

Source: Bloomberg

The ASX 200 trades 6 points (0.08%) higher at 7710 at 3.00pm AEDT.

Today has been a much-needed stabiliser-type session after yesterday's heavy sell-off, which left the ASX 200 clinging to support at 7700, ahead of tonight's crucial US CPI release.

While the bears will take some comfort from the ASX 200’s inability to muster a rebound of substance today, the bulls will be relieved that the sell order that hit the market yesterday appears to have disappeared for now.

Whether the selling returns tomorrow, will depend on if tonight’s US CPI report. If the New Year price rises don’t fall out as expected, and Core CPI comes in at 3.9% YoY or higher, it will likely see the selling return as global equities, including the ASX 200, extend their retreat.

Today’s economic data

In today’s local economic data, Australian Business confidence slipped back to 0 in February from +1 in January. Business confidence remains below its long-run average, but is expected to rise marginally in the coming months as the focus shifts towards RBA rate cuts during the second half of 2024; and inflationary cost pressures continue to ease.

ASX 200 stocks

Banking sector

After yesterday’s shakeout, the big banks have gained today, led by

  • ANZ: +0.34% to $29.35
  • Macquarie: +0.37% to $197.75
  • Westpac: + 0.26%
  • CBA: + 0.20% to $118.37

IT sector

  • Stocks have rebounded, led by Appen, which surged 30.72% to $1.08 before entering a trading halt pending an announcement
  • Zip: + 8.51% to $1.31 as its post-earnings report resurgence continued
  • EML payments: + 6.76% to $1.10
  • Novonix: + 5.86% to $0.93c

Gold sector

Gold stocks have gained after bullion closed higher for the ninth session in a row, stalling just below $2200.

  • Regis Resources: + 3.66% to $1.99
  • Northern Star Mining: + 1.84% to $14.11
  • Perseus Mining: + 2.26% to $2.03
  • Gold Road Resources: +1.13% to $1.57

Iron Ore sector

  • BHP: -0.88% to $42.44, on track for its lowest close in nine months
  • Fortescue: -1.56% to $24.65, 18% below its $29.95 high of late January
  • Rio Tinto: -0.02% lower at $115.57, back where it was trading in late October

ASX 200 technical analysis

A critical 24 hours lie ahead of the ASX 200. Providing it remains above uptrend support currently at 7680 (from the October 6751 low), expect the ASX 200 to push towards the 7900/8000 area. Aware that if the ASX 200 loses support at 7680 on a sustained basis, it would warn that a pullback initially to 7500 is underway with scope to 7300.

ASX 200 daily chart

Source: TradingView
  • Source: TradingView. The figures stated are as of 12 March 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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