The ASX 200 trades 17 points (0.23%) higher at 7751 at 3.00pm AEDT.
Kicking off with a boost from Wall Street’s recovery, the ASX 200 barely missed setting a new record, falling just shy of Monday’s peak at 7769 by less than a whisker.
The plot could have thickened differently had the Nikkei, this year’s front-runner in the global stock market rally, not taken a downturn this morning. This shift came on the heels of unexpectedly robust Japanese wage figures.
These sturdy wage statistics from Japan hint strongly at the Bank of Japan possibly calling time on its negative interest rate strategy in the forthcoming fortnight—a move that sent the Japanese Yen soaring to a one-month zenith of 148.56 today. The Nikkei’s recent surge has owed much to the Yen’s weakness, making today’s rally a twist in the tale
ASX 200 stocks
Banking sector
Returning to events closer to home, the big banks have once again been a pillar of strength, highlighted by CBA hitting a new record high of $119.37.
- Macquarie: + 0.85% to $194.98
- NAB: + 0.47% to $34.25
- ANZ: + 0.45% to $29.15
- Westpac: – 0.07% to $26.92
IT sector
The ASX 200 IT sector, up 23.5% in 2024, has gained.
- Appen: +15.87% to $0.73c
- ZIP: +12.29% to $1.32
- Life 360: + 3.96% to $11.82
Iron Ore sector
The heavyweight materials sector, currently down over 9% in 2024, has endured a mixed day.
- Rio Tinto: -2.40% to $120.67 after it went ex-dividend
- BHP: -1.16% to $43.84
- Fortescue: + 1.15% to $26.05
- Mineral Resources: +3.6% to $66.46
Energy sector
- Woodside: -2.9% to $29.63 after trading ex-dividend
- Beach Energy: +2.73% to $1.70
- Santos: + 1.32% to $7.27
Gold sector
A fresh all-time high for gold today during the Asian session, currently trading at $2151; and has supported ASX listed gold stocks.
- Perseus Mining: +4.35% to $2.04
- Evolution Mining: +2.03% to $3.27
- Northern Star Resources: +1.85% to $14.29
- Regis Resources: +2.03% to $2.01
ASX 200 technical analysis
The rally in the ASX 200 is testing resistance 7770 area, coming from a multi-year trend line going back to the 2007, 6851 high and wedge resistance from the January 2024, 7632 high. A sustained break above 7780ish would open up a move towards 7900/8000. On the downside, a sustained break of uptrend support 7660/350ish would damage the uptrend from the October 6751 low and warn that a deeper pullback is underway.