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ASX 200 Grinds Higher on Wednesday
Updated Thu, April 17 06:30
- ASX 200 grinds higher on Wednesday
- US indices look sluggish early on Wednesday, but are attempting to recover
- Gold continues to be a big winner for Aussie materials leaders
During Wednesday’s trading session, the ASX 200 edged slightly higher, reflecting the ongoing global uncertainty surrounding risk appetite. Australia’s market remains highly sensitive to global developments. This is largely due to its role as a major exporter to China, which processes raw materials and manufactures goods for international markets.
The ongoing tariff war continues to pose a headwind for the Australian economy, and by extension, the ASX 200. Nevertheless, the relative stability observed over the past few sessions offers a tentative sign of renewed confidence and the potential for a more sustained recovery.
Commonwealth Bank of Australia (CBA)
Commonwealth Bank of Australia rose 0.81% during Wednesday’s trading session, closing at AU$159.32. The stock has delivered an impressive performance, gaining 11.91% over the past month and 42% over the last year. CBA is now approaching the critical AU$162 level, which previously acted as a low in late February and may present technical resistance.
A decisive break above this level could pave the way for new highs. Given its recent momentum and increasing trading volume, CBA continues to stand out as one of the top performers in the financial sector over the past 12 months.
Wesfarmers (WES)
Wesfarmers is once again testing the AU$75 level, an area that has proven to be a significant resistance point in recent months. The stock rose 0.12% during Wednesday’s session and has gained over 14% year-to-date, reflecting the consumer discretionary giant’s ongoing effort to break out to the upside.
The next potential target appears to be the recent high of AU$80, but for now, Wesfarmers must navigate the critical AU$75 level. Notably, the market has shown strong interest near the AU$68.50 level, and with increasing volume, there is a sense of growing momentum in the stock.
Northern Star Resources Limited (NST)
Northern Star Resources experienced a rally of 1.47% during Wednesday’s trading session, closing just above the AU$22 level. The stock has demonstrated impressive performance, gaining 45.91% over the past year and 23.62% in the last month alone. While the market is showing signs of parabolic rise, the momentum behind the stock remains strong, which may continue to drive further gains.
Given the sharp move over the last 10 days, any pullback may attract buyers looking to capitalise on the rally. Additionally, the company stands to benefit from the growing strength in gold markets, which could provide ongoing support for the stock.
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