Market wraps 13th July 2021

Morning Bell - Jessica Amir

The Aussie share market is set to rise 0.3%, with bank stocks set to rally following Wall Street.

What to watch today:

  • Today the Federal Government will be announcing financial support for the NSW lockdown.
  • The iron ore price rose 0.7% overnight to US$217.00. The iron ore price is being supported by an increasing demand for steel globally. Watch iron ore stocks such as BHP (ASX:BHP).
  • In economic news, Business Confidence data for June and Home Sales data will be released today.
  • The most traded stocks by Bell Direct clients yesterday were CSL (ASX:CSL) and Mineral Resources (ASX:MIN).

Trading Ideas:

  • Citi has a SELL recommendation on Wesfarmers (ASX:WES), with a $45.00 price target. Citi expects WES shares to fall 22%. Meanwhile, Credit Suisse recommends (ASX:WES) as a HOLD stock, downgrading their price target from $58.03 to $57.23.
  • Vulcan Energy Resources (ASX:VUL), 4dMedical (ASX:4DX), and Fisher and Paykel Healthcare (ASX:FPH) are all giving off bullish charting signals, according to Trading Central.