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ASX 200 afternoon report: 23 November 2023

Your ASX 200 afternoon report.

Source: Bloomberg

The ASX 200 trades 39 points (-0.56%) lower at 7033 at 3.15 pm AEDT.

Despite a positive lead from Wall Street overnight, it was a soft session for the ASX 200 today, with the heavy-weight energy and materials sector doing much of the damage.

Energy sector

Overnight, there was an announcement of a delay in the monthly OPEC+ meeting, attributed to reported disagreements among members regarding potential production cuts. This development resulted in a momentary 5% decline in crude oil prices before stabilizing, ultimately settling 1.2% lower at $77.10.

  • Woodside -1.15% to $31.67
  • Beach Energy -1.14% to $1.52
  • Santos -0.84% to $7.06
  • Origin Energy +1.25% to $8.52

Resource sector

Today, a gauge of Chinese property stocks experienced a notable 7% surge following reports that struggling developers, including Country Garden and Sino-Ocean Group, were under consideration for financial support. Despite this positive development and a major US brokerage revising their short-term forecast for iron ore to $140 per tonne, prominent mining companies have succumbed to profit-taking today, retracing some of their recent gains.

  • Fortescue - 2.02% to $24.92
  • BHP -1.67% to $47.05
  • Rio Tinto -1.15% to $126.29
  • Mineral Resources -1.14% to $643.98

Retail sector

Consumer stocks fell after RBA Governor Michele Bullock, speaking at the ABE annual dinner in Sydney overnight, noted that inflation remains too high and is "increasingly homegrown." While the RBA is not expected to hike rates again before year-end, the rates market is assigning a 45% chance the RBA will hike rates by 25bp in February to 4.60%.

  • Harvey Norman -3.5% to $3.59
  • Domino's Pizza -1.91% to $52.90
  • Super Retail Group fell 1.51% to $13.38
  • Nick Scali fell 8.26% to $10.66, with the sell-off fuelled by news that the company's CEO, Anthony Scali, had sold $50 million worth of shares.

Bank sector

  • AMP + 6.5% to $0.91c, after it announced it had agreed to pay $100 million to settle a class action lawsuit
  • Westpac +0.33% to $21.30
  • ANZ +0.04% to $24.35

Technology sector

Saving the fireworks for last Appen, which traded above $43.00 just over three years ago, fell 28.82% today to $0.61c after a disappointing trading update and a share placement at $0.55c per share to raise $30 million to sure up the company balance sheet.

ASX 200 technical analysis

In recent weeks, the ASX 200 has traced out an inverted head and shoulders bottom at the 6751 low, with the neckline coming in around 7130. While I wouldn't call it a textbook example of an inverted head and shoulders, it does add to our thoughts that while the ASX 200 remains above the October 30th, 6751 low, the ASX 200 will test the 200-day moving average at 7200, with the scope towards range highs at 7400 into year-end.

ASX 200 daily chart

Source: TradingView

  • TradingView: the figures stated are as of 23 November 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.

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