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ASX 200 afternoon report: 4 June 2024

Find out below who have been the shakers and movers in today’s session on the ASX 200.

Source: GettyImages

The ASX 200 trades 14 points (-0.18%) lower at 7647 at 3.00pm AEST.

After a two-day gain of 178 points (+2.34%), including a seventh consecutive rise on a Monday, the ASX 200 has today found itself in a holding pattern awaiting an important update on the health of the Australian economy.

In the lead-up to tomorrow's Australian Q1 2024 GDP release, the final partials released today have proved to be a mixed bag. Net exports and company profits rose less than expected, while inventories rose more than expected. The net outcome is that the market expects GDP to increase by 0.2% quarter-on-quarter for an annual growth rate of 1.2%, the slowest growth rate since 2000 outside of the pandemic.

Ahead of tomorrow’s GDP release, the rates market has removed the risk of an RBA rate hike before year-end, built in after last week's higher-than-expected inflation reading. In its place, there resides a 30% chance of an Reserve Bank of America (RBA) rate cut in December.

ASX 200 stocks

Banking sector

A prospect that has supported the big banks today saw notable gains:

  • Commonwealth Bank of Australia (CBA) increased by 0.95% to AUD 122.45
  • National Australia Bank (NAB) added 0.65% to AUD 34.68
  • Westpac Banking Corporation (Westpac) gained 0.56% to AUD 26.78
  • Australia and New Zealand Banking Group (ANZ) added 0.24% to AUD 28.65.

Iron ore sector

The big miners have fallen after the price of iron ore dropped over 4% overnight to USD 110.85, following a May where prices hovered around USD 120.00:

  • Fortescue Metals Group fell 1.43% to AUD 24.42
  • Mineral Resources dropped 1.09% to AUD 71.11
  • BHP Group decreased by 0.94% to AUD 44.39
  • Rio Tinto slipped 0.46% to AUD 127.93.

Oil stocks

Crude oil closed lower overnight at USD 74.22 (-3.60%), hitting its lowest in four months due to concerns that the OPEC+ plan announced over the weekend might increase supply amid weaker demand in the last quarter of 2024:

  • Beach Energy lost 2.38% to AUD 1.64
  • Viva Energy dropped 2% to AUD 3.39
  • Santos fell 1.76% to AUD 7.53
  • Woodside declined 1.56% to AUD 27.50.

Gold sector

Gold miners have gained after the bullion price rebounded above USD 2350 overnight, driven by the release of a soft US manufacturing PMI which bolstered expectations of a Fed rate cut in September.

  • Perseus Mining added 3.66% to AUD 2.40
  • Regis Resources increased by 0.83% to AUD 1.82
  • Northern Star gained 0.63% to AUD 14.34
  • Gold Road Resources added 0.31% to AUD 1.61.

ASX 200 technical analysis

After the passing of last week's storm at month end, we suspect that into the final month of financial year 2024, will see a period of sideways trading as the ASX 200 traces out a five-Wave "ABCDE" type Elliott Wave correction before an eventual break higher.

ASX 200 daily chart

Source: TradingView
  • Source: TradingView. The figures stated are as of 4 June 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.

This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material 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 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. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research 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.

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