Market wraps 11th November 2020
Morning Bell - Jessica Amir
The ASX200 is set to rise for the 5th day, eyeing a gain of 0.8% at the open.
With the announcement that Pfizer and BioNTech’s COVID-19 vaccine candidate is 90% effective, global markets have continued to push ahead, for the most part, on hopes of an economic recovery.
What to watch today:
- Keep airlines, travel stocks, engineering companies, property groups and banks on your radar. Companies to watch might include: Qantas (ASX:QAN), Corporate Travel Management (ASX:CTD), Flight Centre (ASX:FLT), Emeco (ASX:EHL), NRW Holdings (ASX:NWH), Suncorp (ASX:SUN), Auswide (ASX:ABA), Macquarie (ASX:MQG), Commonwealth Bank (ASX:CBA), ANZ (ASX:ANZ), Westpac (ASX:WBC), NAB (ASX:NAB), Ardent Leisure (ASX:ALG), Woodside (ASX:WPL) and Santos (ASX:STO).
- Coca-Cola (ASX:CCL) may be worth a look as the New York listed company rallied overnight.
- Company results out today: CBA (ASX:CBA), Eclipx Group (ASX:ECX), Ausnet Services (ASX:AST) and Recce Pharmaceuticals (ASX:RCE).
- AGMs today: Fortescue Metals (ASX:FMG), Bingo Industries (ASX:BIN) and Computershare (ASX:CPU).
- Consumer confidence data is out today. It is expected to show an improvement given rates were cut and the economy seems to be growing stronger than expected.
Local trading ideas:
- Bell Potter increased Flight Centre’s (ASX:FLT) Buy rating and target to $19.00, implying 21% upside as the travel industry looks brighter with a more effective vaccine potentially around the corner.
- Bell Potter reiterated Suncorp Group (ASX:SUN) as a Buy with a $10.20 price target, implying 12% upside.
- IDP Education (ASX:IEL), Dexus (ASX:DXS) and Spirit Technology (ASX:ST1) are all showing bullish charting signals according to Trading Central.