Market wraps 11th September 2020
Morning Bell - Jessica Amir
Aussie investors are expecting a negative session with the futures eyeing a 1.3% fall at the open. So far this week, the market is down 0.3% and is heading for its fourth weekly pull back.
Markets attempted to rally overnight but the U.S. tech pull back returned, as investors questioned how expensive U.S. stocks are based on the earnings they generate.
What to watch today:
- Cleanaway Waste(ASX:CWY) goes ex- dividend today, along with Argo Global Listed Infrastructure (ASX:ALI), The Environmental Group (ASX:EGL), Grange Resources (ASX:GRR), Prominence (ASX:PRM), Sequoia (ASX:SEQ) and VEEM (ASX:VEE). All transferring the dividend right to shareholders.
Local trading ideas:
- Fertilizer and explosive company, Incitec Pivot (ASX:IPL) was upgraded by UBS from a hold to a buy, with a $2.40 target.
- Medical software company Pro Medicus (ASX:PME) was downgraded from a buy to a hold by Bell Potter with a $26.50 price target, implying 2% upside from yesterday’s close at $25.98.
- Saracen Mineral (ASX:SAR), Musgrave Minerals (ASX:MGV) and Tesora (ASX:TSO) may be worth a look, as Trading Central’s data tells us their shares are giving off a bullish signal, indicating their shares may rise from yesterday’s close.