Market wraps 11th January 2021
Morning Bell - Jessica Amir
The Aussie share market is suggesting a 0.1% gain at the open after the market rose 2.6% last week.
What to watch today:
- If Brisbane will end its 3-day lockdown at 6pm tonight or if it will be extended with a decision to be made this morning.
- Australian retail sales data, which is expected to show a 7% jump in spending in November.
All eyes will be on commodities:
- Iron ore stocks could rise as the iron ore price rose to US$169, a new 9-year high.
- Gold stocks could see some selling after money poured back into equities, pulling gold down $112 in a week to US$1,835.
Local trading ideas:
- Citi upgraded ARB (ASX:ARB) to a buy with a $34.25 price target.
- Bapcor (ASX:BAP) is rated as a buy by Citi following cars sales momentum.
- ASX (ASX:ASX) is a Citi sell with a $68 price target.
- Accent (ASX:AX1) was rated as a Citi buy as profit margins are expected to increase.
- Humm Group (ASX:HUM), Harvey Norman (ASX:HVN) and Sonic Healthcare (ASX:SHL) are all giving off strong bullish charting signals according to Trading Central.