Connect with us

Hi, what are you looking for?


ASX 200 afternoon report: 9 May 2024

The ASX 200 trades 82 points (-1.05%) lower at 7722 at 3.00 pm AEST.

The ASX 200 has snapped a five-day winning streak today, emphatically rejecting the 7800 level it pushed above yesterday to erase all its post-RBA rally.

It’s not lost on this observer that today’s selloff is the third time in two months that a rally above 7800 has been cut short by the emergence of an aggressive sell order, that had a snowball effect on the local market.

While we can’t confirm if today’s sell order is linked to the previous selloffs on 11 March and 3 April, it does serve as a cautionary sign that today’s decline could extend further.

ASX 200 stocks

Consumer-facing stocks

Consumer Discretionary stocks have been heavily marked down after disappointing trading updates.

  • Baby Bunting: – 23.42% to $1.46
  • Temple and Webster: -12.20% to $11.08
  • Adairs: – 5.37% to $1.94
  • Nick Scali: – 5% to $14.64

Banking sector

  • Westpac: -5.61% to $26.35 after it went ex-dividend
  • CBA: -1.93% to $117.43 despite its quarterly trading update impressing banking analysts
  • NAB: – 1.22% to $33.54
  • ANZ: -1.13% to $28.79
  • Macquarie: + 0.21% to $191.12

Mining sector

The big mining stocks lost ground as iron ore fell 2.63% overnight to $115.10.

  • Fortescue: – 0.86% to $26.40
  • BHP: – 0.62% to $43.11
  • Mineral Resources: – 0.65% to $76.69
  • Rio Tinto: – 0.20% to $129.95

Real estate sector

The rebound in the real estate sector hit the skids as US yields rose for a third straight session ahead of next week’s all-important April CPI release.

  • Lend Lease: – 2.28% to $6.21
  • Domain: -2.22% to $3.08
  • Goodman: – 1.88% to $33.64
  • Scentre: – 1.71% to $3.16

Energy sector

Energy stocks gained as the price of crude oil rebounded above $79.00 following lower-than-expected US inventories, sparing the index further blushes.

  • Beach Energy: +1.9% to $1.61
  • AGL: + 1.68% to $10.30
  • Woodside: + 1.11% to $28.19
  • Santos: + 0.40% to $7.66

ASX 200 technical analysis

In the lead-up to today’s sell-off, we have favoured the view that the pullback from the 7910 high was missing another leg lower (Wave C) to complete a three-wave corrective ABC Elliott wave correction.

Today’s sell-off suggests a Wave B high is in place at 7814, and Wave C has commenced, which targets a move towards Wave quality at 7390ish. A sustained move below 7700 in the coming sessions would greatly increase confidence in the view.

ASX 200 daily chart

  • Source: Tradingview. The figures stated are as of 9 May 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 post appeared first on

You May Also Like


Newmont (NYSE: NEM) reported mixed financial results even as the price of gold approached its all-time high. In all, the company’s earnings per share...


Fisker (NYSE: FSR) stock price has been one of the best-performing electric vehicle (EV) stocks this week even as Tesla slumped. The shares jumped...


NatWest (LON: NWG) share price rose sharply, helped by the strong results from Barclays. The stock jumped to a high of 274.8p, which was...


The Fox Corporation (NASDAQ: FOX) stock price has been under pressure as investors come to terms with the abrupt firing of Tucker Carlson. The...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the-company.

Copyright © 2024