Market Wraps

Evening Wrap: ASX 200 ends sharply lower, tech stocks tumble, Bank of England set to hike

Thu 22 Jun 23, 4:56pm (AEST)

 The S&P/ASX 200 closed 119 points lower, down -1.63%. 

All 11 ASX sectors finished in the red, led by tech and real estate stocks. Defensive sectors and energy managed to outperform, Johns Lyng shares tumble on an earnings downgrade, the Bank of England is set to hike rates by another 25 bps and Powell will speak again before the House of Financial Services.

Let's dive in.


Today in Review

Thu 22 Jun 23, 4:32pm (AEDT)

Name Value % Chg
Major Indices
ASX 200 7,195.5 -1.63%
All Ords 7,381.0 -1.66%
Small Ords 2,788.4 -2.10%
All Tech 2,372.6 -3.03%
Emerging Companies 2,020.6 -0.80%
Currency
AUD/USD 0.6761 -0.53%
US Futures
S&P 500 $4,397.5 -0.27%
Dow Jones $34,159.0 -0.22%
Nasdaq $14,981.75 -0.41%
Name Value % Chg
Sector
Utilities 8,888.4 -0.20%
Health Care 41,765.0 -0.83%
Energy 11,053.8 -0.89%
Consumer Staples 13,305.6 -1.08%
Industrials 6,775.2 -1.21%
Financials 6,177.3 -1.55%
Consumer Discretionary 2,891.8 -1.82%
Materials 18,078.8 -1.94%
Communication Services 1,533.3 -2.21%
Real Estate 3,037.6 -2.47%
Information Technology 1,771.4 -3.94%

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ASX 200 Session Chart

ASX 200 intraday
ASX 200 tumbles and finishes at worst levels (Source: Market Index)

Markets

The ASX 200 tumbled and closed around session lows. This isn't the kind of desirable price action you want to see after an eight day winning streak. If you look at how the market's performed over the past couple of months, this is where it needs to bounce quickly or runs the risk of further distribution and downside.

The session somewhat resembled what happened on Wall Street, where recent gainers led to the downside, notably tech. While defensive sectors and energy outperformed on a relative basis. It will be interesting to see if this rotation and mean reversion theme continues over the next few days.

Economy

No major economic updates on Thursday. The Bank of England is expected to hike interest rates by another 25 bps to 4.75%. However, would the scotching hot UK inflation print earlier this week (headline inflation was unchanged at 8.7% year-on-year in May and core inflation accelerated to 7.1% from 6.8% in April) put 50 bps on the table?


Latest news


Interesting news and movers

Trading higher

  • +60.3% Eroad (ERD) – Receives acquisition proposal

  • +14.3% Stavely Minerals (SVY) – Drill plan update

  • +12.3% Regional Express (REX) – Consolidation bounce

  • +11.3% Fleetwood (FWD) – Agreement with Rio Tinto

  • +5.0% Panoramic Resources (PAN)

  • +4.4% Byron Energy (BYE) – Business update

  • +2.1% Adriatic Metals (ADT)

  • +1.8% Telix Pharma (TLX)

Trading lower

  • -11.9% Johns Lyng (JLG) - Earnings downgrade

  • -8.3% Gold Road Resources (GOR) – Production downgrade

  • -8.1% DGL Group (DGL) – Continuation selloff

  • -7.0% Hastings Tech (HAS) 

  • Gold sector move: Ramelius (-6.9%), West Gold (-3.6%), Perseus Mining (-3.5%), Northern Star (-3.2%), Newcrest (-1.3%)

  • Tech sector move: Megaport (-7.6%), Technology One (-4.4%), Xero (-4.3%), Wisetech (-4.1%), Altium (-4.0%), Codan (-3.4%)

  • Real Estate sector move: Lendlease (-3.8%), Vicinity (-3.4%), Dexus (-3.3%), Stockland (-3.1%), Scentre Group (-2.6%), Mirvac (-2.2%)


Broker notes

The broker notes segment is taking a break today.


Scans 

Top Gainers

Code Company Last % Chg
ERD Eroad Ltd $1.135 +60.99%
ESR Estrella Resource... $0.011 +57.14%
OLI Oliver's Real Foo... $0.021 +40.00%
AHI Advanced Health I... $0.245 +36.11%
ERW Errawarra Resourc... $0.19 +31.03%
View all top gainers

Top Fallers

Code Company Last % Chg
EGY Energy Technologi... $0.027 -40.00%
HOR Horseshoe Metals Ltd $0.012 -20.00%
ECG Ecargo Holdings Ltd $0.013 -18.75%
FIN FIN Resources Ltd $0.014 -17.65%
SW1 Swift Networks Gr... $0.014 -17.65%
View all top fallers

52 Week Highs

Code Company Last % Chg
RB6 RUBIX Resources Ltd $0.305 +22.00%
REC Recharge Metals Ltd $0.33 +13.79%
IND Industrial Minera... $0.70 +12.90%
FWD Fleetwood Ltd $2.19 +12.31%
LRS Latin Resources Ltd $0.24 +11.63%
View all 52 week highs

52 Week Lows

Code Company Last % Chg
EGY Energy Technologi... $0.027 -40.00%
HOR Horseshoe Metals Ltd $0.012 -20.00%
ZGL ZICOM Group Ltd $0.047 -14.55%
PET Phoslock Environm... $0.013 -13.33%
OZM Ozaurum Resources... $0.035 -12.50%
View all 52 week lows

Near Highs

Code Company Last % Chg
WTC Wisetech Global Ltd $76.79 -4.13%
NDIA Global X India Ni... $63.19 +0.81%
KGN Kogan.com Ltd $4.93 -0.81%
USD Betashares U.S. D... $14.61 +0.41%
WVOL Ishares Edge MSCI... $35.74 +0.20%
View all near highs

Relative Strength Index (RSI) Oversold

Code Company Last % Chg
DGL DGL Group Ltd $0.69 -7.38%
ETPMPM Global X Metal Se... $194.66 -0.98%
AX1 Accent Group Ltd $1.575 -0.32%
UNI Universal Store H... $2.55 -1.54%
BCB Bowen Coking Coal... $0.16 0.00%
View all RSI oversold

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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