Skip to content

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.

ASX 200 afternoon report: August 10, 2023

Your ASX 200 afternoon report.

Source: Bloomberg

The ASX 200 trades 10 points (0.14%) higher at 7348 at 3.00 pm AEST.

ASX 200: Recent developments

Shrugging off a soft lead from Wall Street, the ASX 200 trades modestly higher ahead of an all-important US CPI release.

The upcoming CPI report tonight is anticipated to indicate that US inflation remained well-behaved in July, with both headline and core CPI projected to rise by 0.2% MoM. This would result in the annual headline rate increasing to 3.3% YoY, while core inflation is predicted to remain stable at 4.8%.

However, this week, US equity markets have faced challenges from investors due to Moody's downgrade of several US banks and the soaring energy prices. Overnight, European gas prices surged by 30%, and the relentless climb in the price of crude oil led to its closure at a nine-month high, surpassing $84.00 a barrel.

The ASX 200 market movements today

Energy sector

While rising energy prices are an unwelcome development for households, they provide a firm tailwind to the ASX 200 energy sector, as do workers threatening to disrupt the operations of energy giants Woodside and Chevron.

  • Santos gained 2.55% to $8.05
  • Beach Energy lifted by 2.4% to $1.70
  • Woodside Energy added 1.91% to $39.01

Mining sector

  • New Hope added 7.28% to $5.96
  • Whitehaven Coal added 6.23% to $7.58
  • Yancoal gained 4.64% to $5.19
  • Uranium miners Bannerman Energy surged 9.51% to $1.79
  • Deep Yellow gained 9.75% to $0.85c

Financial sector

  • CBA's share price fell 0.57% to $104.25 after the market reconsidered the quality of its earnings report
  • NAB fell 0.28% to $28.56
  • ANZ fell 0.2% to $25.38
  • AMP recovered to trade 4.32% higher at $1.14 post its earnings report, showing a 23.9% NPAT increase to $57 million.

Earnings season: Hit and miss

No earnings season would be complete without notable disappointments. AGL, for instance, posted an annual loss of $1.26 billion, primarily due to the earlier closure of a power station. This closure resulted in write-downs and derivatives losses. Despite these challenges, there are positive indicators beneath the surface, as AGL's underlying profit saw a 25% increase from the previous year, reaching $281 million.

Boral is another company that has garnered investors' approval, experiencing a significant surge of 8.35% to $4.74. This increase follows the report of a 38% rise in EBITA to $454.4 million. The boost in profits for Boral can be attributed to the company's decision to raise the prices of its cement, gravel, and asphalt materials, which helped to counterbalance higher costs.

ASX 200 technical analysis

The late July rally in the ASX 200 to the 7472 high met with a swift end last week following its reversal lower. The ASX 200 must reclaim resistance at 7360/90 as a base for another attempt at the year-to-date 7567 high. Otherwise, range-bound trading conditions are set to continue.

ASX 200 daily chart

Source: TradingView

  • TradingView: the figures stated are as of August 10, 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.

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.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

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.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Tuesday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

<h3>How much does trading cost?</h3>
<h3>Find out about IG</h3>
<h3>Plan your trading</h3>

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.