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.
Open account
☰
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.
Open account
✖

ASX200 Afternoon Wrap 9th of March 2022

March 9, 2022 7:24 AM

The unexpected recovery comes following news that both the U.S and the U.K. would ban Russian oil imports and a pledge by E.U. leaders to cut Russian gas imports by two-thirds by year-end. Collectively the announcements have the potential to deliver the fatal economic blow needed to bring President Putin’s war machine to its knees.

In a move that bodes well for the tech-heavy Nasdaq on Wall Street this evening, the S&P/ASX200 Info Tech Sector added 3.19%. Block (SQ2) closed +5.89% higher at $141.20, Appen Ltd (APX) added 1.93% to close at $6.88, and Zip Co Ltd (Z1P) finished the day 1.24% higher at $1.63. 

Recovering from an untidy session yesterday and buoyed by crude oil futures holding above $125, the S&P/ASX200 Energy Sector closed 0.14% higher. Woodside Petroleum (WPL) added 0.82% to close at $33.25. Beach Energy (BPT) closed flat at $1.70, while Santos (STO) fell 0.50% to close at $7.82.

A better day as well for the S&P/ ASX200 Financial Sector, which added 1.53% supported by another round of patient forward guidance from RBA Governor Philip Lowe. The Commonwealth Bank (CBA) was again the best performer closing 1.71% higher at $97.72, Westpac (WBC) added 1.66%, National Australia Bank (NAB) added 1.50%, ANZ added 1.19%, and Macquarie Group (MQG) closed 1.52% higher at $178.37.

Bullion traded as high as $2070 overnight, just $5 short of its August 2020. The market continues to embrace gold as a hedge against inflation, equity market volatility, and the war in Ukraine. Reflecting this, gold mining stocks enjoyed a good day, including Newcrest Mining (NCM) +1.9%, Northern Star Resources (NST) 0.7% and Evolution Mining (EVN) +1.81%.

Technically, the ASX200 formed a bullish engulfing candle from a band of support 6970/60 area. Providing this support level continues to hold it bodes well for the ASX200 to retest the 7200 resistance level in coming sessions.

Source Tradingview. The figures stated are as of March 9th, 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

How to trade with City Index

You can trade with City Index by following these four easy steps:

  1. Open an account, or log in if you’re already a customer 

    • Open an account in the UK
    • Open an account in Australia
    • Open an account in Singapore

  2. Search for the company you want to trade in our award-winning platform 
  3. Choose your position and size, and your stop and limit levels 
  4. Place the trade

 

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

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. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

© City Index 2024