Market wraps 13th November 2020
Morning Bell - Jessica Amir
The ASX200 is set to fall 0.6% at the open following global markets taking a breather overnight.
The Fed Chair said the U.S. economic outlook remained uncertain, despite a potential COVID-19 vaccine. Also weighing on equities, COVID-19 cases continue to rise to a new record.
What to watch today:
- Amid the pull back and profit taking overnight, keep an eye on the sector rotations that have stood out this week.
- AGMs: NEXTDC (ASX:NXT), Orocobre (ASX:ORE) and Polynovo (ASX:PNV).
Local trading ideas:
- Bell Potter upgraded Emeco Holdings’ (ASX:EHL) Buy rating, increasing its target to $1.58, implying 68% upside in a year from yesterday’s close.
- Bell Potter reiterated GrainCorp (ASX:GNC) as a Buy, with a $4.85 price target, implying 23% upside in a year from yesterday’s close, with the crop outlook looking strong.
- Globe International (ASX:GLB), JB Hi-Fi (ASX:JBH) and Reece (ASX:REH) are all showing bullish charting signals according to Trading Central.