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ASX 200 afternoon report: 19th of January 2023

The ASX 200 trades 43 points higher (0.60%) at 7437 at 3.00 pm AEDT.

Source: Bloomberg

The ASX 200, uninterested right from the opening bell in replicating the overnight sell-off on Wall Street, has today traded up to 7439.7 its highest price in nine months.

The spark for the latest leg of the ASX 200’s remarkable run higher in 2023, the release of softer-than-expected jobs data for December and sharp selloff in bond yields.

Within the report’s details, jobs fell by 14.6k in December (the market was looking for a rise of 25k), and the unemployment rate was unchanged at 3.5% after last month’s number was revised higher from 3.4% to 3.5%.

Overlayed with the 4.9% fall in job vacancies last week and the rapid return of immigration, the unemployment rate looks set to extend its move towards 4% this year, away from the 3.4% low of October 2022.

Energy sector

A rise in the price of iron ore in Asia to above $124.00 has helped Rio Tinto make fresh cycle highs as it added 4.05% to $126.05, 42% above its October low. BHP is back for a closer look at the $50 level, aided by record iron ore production as it added 1.3% to $49.72, while Fortescue Mining added 1.42% to 22.52.

Real estate and finances

The interest rate-sensitive Real Estate sector has gained, led by Goodman Group, which added 1.62% to $19.39, Stockland Group added 1.04% to $3.90, and Charter Hall Group added 0.65% to $13.22.

The ASX Financial Sector, now up 1.69% for the week, continued its advance towards its all-time high. Macquarie added 1.33% to $181.98, CBA added 0.63% to $108.33, Westpac added 0.63% to $23.97, and NAB added 0.44% to $31.81.

Nanosonics added 8.86% to $5.16 after the infections preventative company reported that total revenue for the 1H is expected to be up 35% year on year, along with an increase in gross profit margins from 77% to 79%.

IT sector

Local IT stocks fell after the tech-heavy Nasdaq snapped its seven-session winning streak overnight. Novonix fell 4.42% to $1.84, Life360 fell 3.47% to $5.57, and after a good run higher, ZIP fell 3.28% to $0.66c.

The ASX 200 has followed the road map over the past month and a half.

The correction from the December 7375 high back to the 200-day moving average at 7000 set the platform for this week’s push above the December 7375 high. We prefer to reduce longs into fresh highs, ideally between 7480 and 7600.

The AUD/USD is trading lower at .6905, a whopping 2.3% below its .7064 overnight high. The view is the AUD/USD has entered a period of consolidation/corrective price action to work off overbought readings with an eye to the band of support between .6830/00 (uptrend support and the 200-day ma).

ASX 200 daily chart

Source: TradingView

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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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