ASX 200 dives 2.6%: Which stocks and sectors are holding up?

Wed 14 Sep 22, 12:38pm (AEST)
Sprout 2 Positive Growing Growth
Source: iStock

Key Points

  • Traditionally defensive sectors aren't really outperforming the market
  • An upbeat OPEC monthly report buoys energy stocks and oil prices
  • Coal and lithium stocks reverse steep losses, many of which are trading close to breakeven

A look at which stocks and sectors are holding up amid a sea of red for the S&P/ASX 200.

Defensives but not by much

Traditionally defensive sectors such as the ASX 200 Healthcare (-2.1%), Industrials (-2.6%) and Staples (-2.7%) Indexes are just barely outperforming or falling in line with the broader market.

The ASX 200 Utilities sector is down -1.7% but mostly due thanks to two heavyweight names APA Group (ASX: APA) and Origin Energy (ASX: ORG) that are down -0.55% and -1.6% respectively.

Upbeat OPEC buoys energy sector

The ASX 200 Energy Index is down -1.7% as OPEC's latest monthly oil market report showed little concerns about weakening demand.

"Oil demand in 2023 is expected to be supported by a still-solid economic performance in major consuming countries, as well as potential improvements in COVID-19 restrictions and reduced geopolitical uncertainties," OPEC said in the report.

Oil prices fell just -1% overnight to US$93.3 a barrel, breaking a three day winning streak.

Woodside (ASX: WDS), Beach Energy (ASX: BPT) and Santos (ASX: STO) shares are currently down -1.6%, -0.9% and -0.7% respectively.

A closer look at specialty resources

Coal: Large cap coal names like Whitehaven (ASX: WHC), New Hope (ASX: NHC) and Stanmore (ASX: SMR) are all trading close to breakeven. Clime Asset Management told The Australian Financial Review on Tuesday that smart money is rolling back into the coal sector and investors expect super profits and dividends for at least another year or so.

Lithium reversal: You'd generally expect V-shaped and richly valued lithium stocks to take a hit amid a broad-based selloff. But that's hardly been the case with several names bouncing from session lows and a small handful trading close to breakeven. Notably:



Change (%)

Session low (%)

Global Lithium




Piedmont Lithium




Lithium Power International








Pilbara Minerals




Table: Market Index (Data as at 12:15 pm AEST)

Bottom line

It appears that capital is sticking to or not fleeing from resources compared to most other sectors.

The ASX 200 Materials and Energy Indexes also happen to be the only two positive sectors for the past month, up 2.75% and 0.05% respectively.

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Written By

Kerry Sun

Content Strategist

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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