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ASX 200 afternoon report: 15 October 2024

The ASX 200 hit a new record high, driven by resource and technology stock gains, while energy stocks fell amid declining crude oil prices.

AUD Source: Adobe images

The ASX 200 trades 65 points (0.88%) higher at 8318 at 3.00pm AEDT.

Record highs driven by Wall Street rally and Chinese optimism

As we reach the halfway point of October, the ASX 200 has surged to a fresh record high of 8331.70 this afternoon.

The rally has been fuelled by Wall Street's relentless march higher, poised for a sixth consecutive week of gains—a streak not seen since the closing weeks of 2023. There is also a sense of optimism about the Chinese economy following the dovish pivot from Chinese authorities in late September.

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ASX 200 stocks

Resource stocks

Uranium stocks

News of Alphabet Inc. (Google) investing in next-generation nuclear power has boosted ASX-listed uranium stocks.

Financial sector

The major banks continue to reclaim ground lost in late September.

Technology stocks

Technology stocks surged today, buoyed by the tech-heavy Nasdaq's overnight performance.

  • Block Inc., the owner of Afterpay, rose 3.13% to $107.21
  • Humm Group gained 2.74% to $0.84
  • Life360 climbed 2.54% to $21.78
  • ZIP increased 2.26% to $2.94
  • Tyro Payments plummeted 16% to $0.76 due to government scrutiny on card surcharges

Energy sector declines

Energy stocks fell as crude oil prices tumbled over 5% to below $71.80 in the past 24 hours. The declines followed the Organization of the Petroleum Exporting Countries' (OPEC) lowered demand forecasts, China's trade balance data indicating a fifth consecutive month of reduced oil imports, and reports of Israel refraining from targeting Iran's oil facilities.

ASX 200 technical analysis

Following gains on Wall Street overnight, the ASX 200 has today resumed its battle with multi-week trend channel resistance, which currently resides in the 8300/10 area.

A sustained break and close above here would set the ASX 200 up for a run towards 8450 into year-end. Conversely, a failure to see a sustained close above 8300/10 combined with a fall through support at 8110/00 would warn that a deeper pullback is underway.

ASX 200 daily chart

ASX 200 daily chart Source: TradingView
ASX 200 daily chart Source: TradingView
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  • Source: TradingView. The figures stated are as of 15 October 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.

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