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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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ASX200 Afternoon Report September 20th 2022

September 20, 2022 6:52 AM

The ASX200 trades 83 points higher (+1.24%) at 6803 at 3.30 pm Sydney time.

Casting aside yesterday’s nervous session, the ASX200 has surged today, encouraged by a brave rally on Wall Street overnight despite the yield on the U.S 2yr bond closing at 3.95%, its highest level in almost 15 years.

The ASX200 was emboldened further by the release of the RBA meeting minutes for the September Board meeting, which outlined the case for a slower pace or RBA rate rises into year-end to keep the economy on an “even keel”.

Music to the ears of the big banks with 55% of their asset books comprised of housing loans. CBA added 1.74% to $96.31, NAB added 1.7% to $30.20, Westpac added 1.5% to $21.87, and ANZ added 1.2% to $23.84.

The materials sector snapped a 4-day losing streak, boosted by an 8.8% rally in New Hope Corporation to $5.94 after it reported bumper FY 2022 earnings, including a 143.5% lift in revenues. Mineral Resources added 5% to $71.40, BHP added 2.86% to $38.89, and Rio Tinto added 1.75% to $93.99.

A rally in U.S airline stocks on Wall Street has supported gains in ASX-listed travel stocks. Webjet added 4.13% to $5.42, Corporate Travel added 2% to $19.16, Flight Centre added 1.6% to $16.31, and Qantas lifted 0.67% to $5.28.

A mixed day for tech stocks, warier than most of the potential fallout from Thursday’s FOMC meeting. Sezzle fell 1.67% to $0.59c. Life 360 fell 0.88% to $5.64, Afterpay owner Block fell 0.9% to $95.50. Altium gained 1.75% to $36.03 while Wisetech global added 1.5% to $57.40.

The comprehensive rejection from above 7000 last week, followed by today’s bounce from 6700, supports our view that the ASX200 has entered a period of choppy range trading until the start of November.

Source Tradingview. The figures stated are as of September 20th, 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

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