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ASX 200 afternoon report: 12 December 2023

Your ASX 200 afternoon report.

Source: Bloomberg

The ASX 200 trades 38 points (0.54%) higher at 7237 at 3.05 pm AEDT.

Today, the ASX 200 traded to a fresh 12-week high at 7241.20, following a positive lead from US stock markets overnight, and as China lifted sanctions on three Australian abattoirs.

We have maintained a bullish stance on the local and US equity markets in recent months. However, even we admit to being surprised by the carefree way equity markets are approaching this week’s key economic events, which have the potential to reshape events into year-end.

If markets were to get a hotter-than-expected US CPI print tonight, or Thursday morning’s Fed meeting is more hawkish than expected, the speed and scope of the 100bp or Fed rate cuts currently priced for 2024 will require hasty review.

Today’s market movements

IT sector

  • Xero: + 4.26% to $108.82
  • Tyro Payments: + 2.97% to $1.04
  • Wisetech Global: + 2.47% to $69.98
  • Altium: + 1.84% to $46.77

Consumer-facing stocks

The Westpac consumer confidence index rose 2.7%M/to 82.1 in December, helped by an RBA pause. Despite this, sentiment remains at recessionary levels. The NAB business conditions survey, which started the year at 21.6, fell to 9 in November as businesses grew more pessimistic.

  • Myer Holdings: + 4.4% to $0.60c
  • Adairs: + 3.25% to $1.74
  • Costa Group: + 2.87% to $3.05
  • Woolworths: +1.91% to $36.74

Banking sector

  • ANZ: + 0.73% to $24.79
  • NAB: +0.56% to $29.47
  • CBA: +0.48% to $107.45
  • Macquarie: + 0.5% to $169.96
  • Westpac: + 0.21% to $21.99

Resource sector

The price of iron ore edged higher overnight to $135 per tonne, which saw Fortescue gain 1.77% today to $26.40, edging ever closer to its record high of $26.58.

  • Mineral Resources: + 0.2% to $61.93
  • Rio Tinto: + 0.2% to $129.11
  • BHP: + 0.16% to $47.61

Lithium sector

  • Galan Lithium: dived 10.34% to $0.52c
  • IGO: - 4% to $7.70
  • Liontown: -3.56% to $1.29
  • Pilbara: -2.22% to $3.53

ASX 200 technical analysis

Providing the ASX 200 remains above the 200-day moving average at 7159 and horizontal support 7125/7100 area, the ASX 200 is well placed to extend gains towards range highs at 7380/7400. Aware that a sustained break above 7400 would lead to a push towards the February 7567 high.

ASX 200 daily chart

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

The information 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 Bank S.A. 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 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. See full non-independent research disclaimer.

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