ASX200 Afternoon Report August 15th 2022

The ASX200 trades 41 points higher at 7074 at 3 pm Sydney time.




The ASX200 trades 41 points higher at 7074 at 3 pm Sydney time. 

The ASX200 has stormed out of the blocks, looking to notch up a fifth straight week of gains for the first time since May 2021, shaking off news that a group of U.S. lawmakers were flying to Taiwan to meet Taiwanese President Tsai Ing-wen.  

The Real Estate Sector added 1.88% as Mirvac Group added 3% to $2.19, Charter Hall Group added 2.5% to $12.74, Goodman Group added 1.73% to $20.54, Domain Australia added 1.74% to $4.09, while Stockland Group added 1.44% to $3.88.

Shrugging off a -0.3% fall in Nasdaq futures following their reopening this morning, the IT Sector has climbed by 1.55%. Megaport added 9.43% to $8.65, Novonix added 3% to $3.08, Wisetech Global added 2.55% to $54.21 and Xero added 2.25% to $96.88.

The PBOC’s surprise 10bp cuts to the 1yr MLF and 7-day reverse repo rates have helped the Materials Sector offset another round of dour Chinese economic data. Industrial output, retail sales and fixed asset investment all were weaker than expected.

Blue Scope Steel added 5.7% to $17.85 after taking advantage of strong steel prices to double its net profit to $2.81bn. Mineral Resources added 2.65% to $60.92, Lynas Rare Earths added 1.75% to $9.89, FMG added 1.5% to $19.22, and BHP added 1% to $39.20.

The Financial Sector has fallen, led by an 8.95% decline in Bendigo Bank to $9.86 after it released its Full Year results which noted interest rate margins (NIM) declined by 11bp to 1.69%. Westpac fell 1% to $22.42, NAB fell 0.1% to $30.75. CBA rose by 0.37% to $100.71; Macquarie rose by 1.45% to $181.18.

Last week’s best performer, the Energy Sector, has fallen -0.7% as Beach Energy fell 12.3% to $1.62 after it reported earnings well below market expectations and noted higher than expected costs. Cooper Energy fell 3.26% to $0.22c and Woodside energy fell 0.27% to $32.70.

Topping off a busy day, Lithium stocks have been at it again as Core Lithium surged 10% to $1.62 following an investor update. Lake Resources added 6.5% to $1.47, Galan Lithium added 4.73% to $1.44, and Iluka Resources added 1.4% to $10.26.

After consolidating its foothold above the critical psychological 7000 level last week, we are open-minded that the ASX200 has scope to extend its rally towards the 200-day moving average at 7166.

ASX200 Daily Chart 15th of august

Source Tradingview. The figures stated are as of August 15th, 2022. 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

  1. Open a account, or log in if you’re already a customer.
  2. Search for the pair you want to trade in our award-winning platform.
  3. Choose your position and size, and your stop and limit levels.
  4. Place the trade.

Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.

Open an Account