Market Wraps

Evening Wrap: ASX 200 slips again amid global slowdown fears

Fri 23 Sep 22, 6:43pm (AEST)

The S&P/ASX 200 closed 125.5 points lower, down -1.90%.

Heightened fears that a US recession is now inevitable saw all sectors finish the day under water. Consumer discretionary led the downward charge with a fall of -4.4%.

Investors wiped $43bn off Australian shares after concluding that interest rates will mirror yesterday's rise by The Fed and increase even more than expected.

Aren't you glad today is over?

Let's dive in.

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ASX 200, All Ords and All Tech intraday overview

Markets

The S&P/ASX 200 index gave up -2.4% for the week to be down by a whopping -6% for the month.

  • 11 out of 11 sectors declined

  • Interest rate sensitive stocks in the consumer discretionary and technology space were hardest hit today, both down - 4.4%, followed by and real estate sector which fell -3.56%.

  • While still under water, materials was the strongest sector today, down -0.49% following underlying support for iron ore miners from a higher spot price.

  • Energy stocks were -2.56% lower with oil heading into a fourth weekly decline.

  • A miserable 8% of the top 200 companies put on gains today.

Stocks

Quick bites 

  • Russia sets out how much it’s going to cut gas flow through 2025 (Bloomberg)

  • Putin threatened to use nuclear weapons and ordered the country’s reservists to mobilise (Wall Street Journal)

  • Weaker Yen to potentially Lift Tourist Spending in Japan by 32% (Bloomberg)

Economy

  • Bond yields rose as higher short-term interest rates were factored in

  • Investor confidence remains negative with the market yet to witness the sort of spike in put/call ratios or Vix that might flag major market bottoms

Commodities 

  • Lithium carbonate surged to a record, rising to 500,500 yuan ($US70,716) a tonne following a meeting last week where Chinese authorities pleaded with major producers to stabilise prices.

  • Oil, metals and iron ore prices fell on the back of ongoing recession fears.

Latest news

Scans

Top Gainers

Code Company Last % Chg
LGM Legacy Minerals H... $0.15 +30.44%
ATL Apollo Tourism & ... $0.655 +27.18%
FTC Fintech Chain Ltd $0.025 +25.00%
RAS Ragusa Minerals Ltd $0.39 +21.88%
WC1 West Cobar Metals... $0.25 +19.05%
View all top gainers

Top Fallers

Code Company Last % Chg
ACS Accent Resources NL $0.027 -27.03%
BTE Botala Energy Ltd $0.13 -23.53%
HYD HYDRIX Ltd $0.055 -21.43%
MCM MC Mining Ltd $0.555 -21.28%
ALM Alma Metals Ltd $0.012 -20.00%
View all top fallers

52 Week Highs

Code Company Last % Chg
RAS Ragusa Minerals Ltd $0.39 +21.88%
KSC K & S Corporation... $2.15 +2.87%
FEG Far East Gold Ltd $0.74 +2.78%
NHC New Hope Corporat... $6.33 +2.76%
WHC Whitehaven Coal Ltd $9.20 +2.68%
View all 52 week highs

52 Week Lows

Code Company Last % Chg
ACS Accent Resources NL $0.027 -27.03%
BTE Botala Energy Ltd $0.13 -23.53%
HYD HYDRIX Ltd $0.055 -21.43%
SIX Sprintex Ltd $0.032 -13.51%
MMI Metro Mining Ltd $0.015 -11.77%
View all 52 week lows

Near Highs

Code Company Last % Chg
WBCPI Westpac Banking C... $103.90 +0.14%
GCI Gryphon Capital I... $1.97 +0.25%
HBRD Betashares Active... $10.11 -0.30%
NEA Nearmap Ltd $2.06 0.00%
CGFPC Challenger Ltd $105.41 -0.33%
View all near highs

Relative Strength Index (RSI) Oversold

Code Company Last % Chg
DGL DGL Group Ltd $1.46 -5.81%
CNEW Vaneck China New ... $6.82 -1.45%
GMG Goodman Group $16.90 -3.70%
WSP Whispir Ltd $0.73 -4.58%
DXC Dexus Convenience... $2.72 -3.55%
View all RSI oversold

Written By

Mark Story

Writer

Mark is an investigative financial journalist and editor who started his career working for Marathon Oil in London. He has a degree in politics/economics and a diploma in journalism. Mark has worked on 70-plus newspapers and financial publications across Australia, NZ, the US, and Asia including: The Australian Financial Review, Money Magazine, Australian Property Investor and Finance Asia. Mark is passionate about improving the financial literacy of all Australians through the highest quality content. 

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