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ASX Market Update 2023-02-23

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SP/ASX 200 fell -0.4% (-29.6 pts), closed at 7285 points, fell 3 days in a row, a 28-day low, crossed below MA50 (7303 pts).

Among the 150 largest-cap stocks, 89 (59%) closed higher. 49% of all ASX stocks ended higher.

In terms of sectors, 5 sectors closed up, 5 sectors closed down, 2 sectors remained unchanged, ranging from -1.4% to 2%. 8 sectors outperformed the market. The market was down -0.2%; Technology was up 2%, the best performer, reflecting a more aggressive market sentiment; Basic Materials was down -1.4%, the worst performer.

● NINE ENTERTAINMENT CO (NEC) largely fell -2.9% (-$0.06), closed at $2, crossed below MA200 ($2.01). The largest increase in volume.

● EAGERS AUTOMOTIVE (APE) spiked 9% (+$1.07), closed at $13, rose 6 days in a row, the best % gain in nearly 31 months, also hit a YTD high. The best performer with a significant increase in volume.

● QUBE (QUB) surged 8.7% (+$0.26), closed at $3.25, the best % gain in more than 33 months, also hit a YTD high, crossed above MA20 ($3.05).

● QANTAS AIRWAYS (QAN) largely retreated -6.8% (-$0.44), closed at $6.03, the worst % loss in more than 11 months, also a 35-day low, crossed below MA50 ($6.35). The worst performer with a huge increase in volume.

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