Market wraps 12th November 2020
Morning Bell - Jessica Amir
The ASX200 is eyeing a lift of 0.5% at the open, headed towards its 6th straight day of gains.
Better than expected consumer and business confidence news added fuel to local markets, with consumer confidence at its highest level in 7 years.
What to watch today:
- Keep an eye on tech names that have been sold down this week on the back of COVID-19 vaccine hopes. You could expect Afterpay (ASX:APT), Zip (ASX:Z1P), Temple & Webster (ASX:TPW), Appen (ASX:APX) and Altium (ASX:ALU) to rally, given what happened on Wall Street.
- Graincorp (ASX:GNC) and Xero (ASX:XRP) report results today.
- AGMs: Wesfarmers (ASX:WES), Woolworths (ASX:WOW), Nine Entertainment (ASX:NEC), Seven West Media (ASX:SWM) and Estia Health Care (ASX:EHE).
Local trading ideas:
- CleanSpace Holdings (ASX:CSX) was upgraded by Bell Potter from a Hold to a Buy with a $6.75 price target, implying 17% upside. It’s been sold down recently after Pfizer announced vaccine hopes. But Bell Potter remains optimistic about CleanSpace’s growth, as sales so far have been well ahead of its prospectus forecasts.
- Bell Potter upgraded Straker Translations’ (ASX:STG) speculative Buy rating, increasing its target to $2.10, implying 32% upside.
- Nearmap (ASX:NEA), Pointsbet Holdings (ASX:PBH), Appen (ASX:APX) and Barra Resources (ASX:BAR) are all showing bullish charting signals according to Trading Central.