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ASX 200 afternoon report: 19 September 2023

Your ASX 200 afternoon report.

Source: Bloomberg

The ASX 200 trades 30 points (0.42%) lower at 7199 at 3.30 pm AEST.

ASX 200's Tuesday blues

Overnight, the S&P 500 closed higher for the eleventh successive Monday, a statistic that typically ensures a positive session for the ASX 200 on a Tuesday. However, it wasn't the case today as the ASX 200 suffered a second day of losses this week, with investors eager to move to the sidelines ahead of key events on this week's data-rich calendar.

RBA's tightening bias

The release of the RBA meeting minutes for September today provided little in the way of new insights. The RBA considered two options in September: another hike and a hold, before deciding to keep rates on hold for a third month. "The recent flow of data was consistent with inflation returning to target within a reasonable timeframe while the cash rate remained at its present level."

The minutes reiterated the RBA's tightening bias. We continue to highlight the possibility of one more 25bp RBA rate hike in November, which we think will likely depend on September's jobs report to be released on the 20th of October and Q3 CPI data due to be released on the 25th of October.

The ASX 200 market movements today

  • Mining sector

The big miners have fallen today as a recent lift in sentiment towards China gave way to concerns the Chinese property market is yet to find its nadir.

  • BHP: -1.42% to $45.11
  • Fortescue: -1.18% to $20.95
  • Rio Tinto: -0.77% to $118.38
  • Mineral Resources: -0.28% to $70.28

Coal sector

Coal miner New Hope gained 2.84% to $6.35 after reporting NPAT increased 10.6% to $1,0874 million in FY 23, which allowed the miner to declare a final dividend of $0.21c per share and a special dividend of $0.09c per share.

  • Coronado Coal: +4.6% to $1.88
  • Yancoal: +2% to $5.11
  • Whitehaven: +1.13% to $6.69

Financial sector

The influential banking sector slipped as ANZ became the latest bank to slash fixed rates for owner occupiers, following moves by NAB and Westpac/St George last week.

  • ANZ: -1.03% to $25.48
  • NAB: -0.74% to $29.36
  • CBA: -0.65% to $101.96
  • Westpac: -0.46% to $21.68

Tech-heavy Nasdaq and ASX IT sector

The tech-heavy Nasdaq is on track for its second month of losses in the US, as is the ASX IT sector, as higher bond yields erode confidence around growth stocks.

  • Appen: -5.9% to $1.31
  • ZIP: -5% to $0.28c
  • Novonix: -4.09% to $0.82c
  • Afterpay (Block): -4.48% to $78.95 after it was announced CEO Alyssa Henry will leave on October the 2nd after spending nine years with the company.

ASX 200 technical analysis

The ASX 200 has spent most of this year trading sideways. We hope that a breakout is not too far away and are open-minded about the direction. On the downside, a break of uptrend support and recent lows at 7130/7090 would be of interest. On the topside, a break of recent highs at 7350/70 and then downtrend resistance at 7475/7485 would be of interest.

ASX 200 daily chart

Source: TradingView

  • TradingView: the figures stated are as of September 19, 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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