Market wraps 1st July 2021
Morning Bell - Paulina Peters
The Aussie share market closed out its best financial year in over 30 years on Wednesday, with shares rebounding despite a negative start to the week’s trading.
This morning, the Aussie share market looks set to start the New Financial Year slightly lower, with the futures suggesting the market will open down 0.08%.
What to watch today:
- In economic news, Australia’s Balance of Trade data for May will be released today at 11:30am AEST.
- On the COVID-19 front, the Prime Minister has extended no-fault indemnity insurance to GPs who administer the AstraZeneca vaccine to younger age groups. So far, 26% of Australians have received their first dose. With only 3.47% fully vaccinated.
- The oil price rose on Wednesday, trading at about US$73.55 a barrel, after data showed US crude stockpiles were shrinking and an OPEC report foresaw an undersupplied market this year.
- The gold price rose 0.45%, still on track for its worst month in more than 4 years.
- The iron ore price continues to trade at US$214.00.
- Bell Potter has a BUY rating on location-based information technology company Life360 (ASX:360), increasing its price target by 11% to $7.75 (previously $7.00). That’s a 15% premium to the share price.
- Bell Potter also has a BUY rating on technology-based translation services business Straker Translations (ASX:STG), with a price target of $2.40. STG closed about 2% down yesterday, which implies 24% share price growth.
- Prospect Resources (ASX:PSC), Musgrave Minerals (ASX:MGV) and Clinuvel Pharmaceuticals (ASX:CUV) are all giving off bullish charting signals according to Trading Central.