ASX 200 afternoon report: 14th of February 2023
Find out all the latest information on the ASX 200 market. Updated as of 14th Februarty, 3.00 pm AEDT.
The ASX 200 trades 16 points (+0.22%) higher at 7434 at 3.00 pm Sydney time.
After sprinting out of the starting gates, the ASX 200 erased over 40 points of early gains after the Westpac Consumer confidence fell by 6.9% in February in response to last week’s hawkish RBA meeting and cost of living pressures.
As noted by Westpac, “At 78.5, the latest Index read is a touch above the 78 read in November but below the low point of the GFC (79.0) and only slightly higher than when the COVID pandemic first hit in April 2020 (75.6). Prior to that, we need to go back to the deep recession in the early 1990s to find weaker Index readings.”
Highlighting an apparent disconnect between a pessimistic household sector and the optimistic business sector, the NAB business Confidence survey released an hour later rose 6 points to 6 in January, to be back around the long-run average.
The IT Sector has gained, led by a rebound in Megaport.
- Megaport added 3.42% to $6.04
- Wisetech Global added 2.3% to $56.62
- Afterpay owner Block added 2.3% to $110.79
- Xero added 1.7% to $78.17
- Appen extended its decline following its earnings report yesterday, falling 6.76% to $2.62.
Healthcare heavyweight CSL gained 0.76% to $307.75 after its earnings report showed an 8% fall in net profit it $US1.62bn, offset by a 19% rise in revenues to $US7.19bn and a 36% increase in plasma collections.
Going the other way, Ansell fell 8.79% to $25.62 after it cut FY23 guidance as demand for its protective medical equipment continues to ease from pandemic highs.
Consumer Discretionary stocks
The share price of Star Entertainment which fell over 20% yesterday, fell another 12% today to $1.31 after reporting increased competition from Crown Sydney and compliance costs following the Bell and Gotterson Reviews.
Elsewhere there were gains for fellow consumer facing stocks including:
- JB Hi-Fi added +2.03%
- Nick Scali added +1.48%
- Harvey Norman added +1.48%
- Super Retail Group added +0.76%.
Reflecting on today's conflicting Consumer and Business confidence data, the big banks have had a mixed day.
- NAB added +0.64% to $31.58
- Westpac added 0.13% to $23.73
- ANZ traded flat at $25.70
- CBA fell 0.14% to $109.13.
The big mining stocks have traded sideways as iron ore prices continue to hold around $120 per tonne.
For the past three weeks, we have suggested trimming longs in the ASX 200 ahead of a likely pullback. Last week’s retreat erased the prior two weeks’ gains and indicates that the pullback we had been calling for is underway (in the vicinity of 4-5%).
ASX 200 daily chart
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
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. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
Explore the markets with our free course
Discover and learn how the range of markets you can trade on with IG Academy's online course – ‘Introducing the financial markets’.
Put learning into action
Try out what you’ve learned in this shares strategy article risk-free in your demo account.
Ready to trade shares?
Put the lessons in this article to use in a live account – upgrading is quick and easy.
- Trade on over 12,000 popular global stocks
- Protect your capital with risk management tools
- React to breaking news with out-of-hours trading on 70 key US stocks
Inspired to trade?
Put your new knowledge into practice. Log in to your account now.
Live prices on most popular markets
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.