Market wraps 14th May 2021

Morning Bell - Sophia Mavridis

Following US equities rise overnight, the Aussie share market is set to open higher, with the futures suggesting a rise of 0.67% or 7021 points.

What to watch:

  • Recce Pharmaceuticals (ASX:RCE) is set to report their 3Q21 Earnings today.
  • The Oil price dropped 3.51%. The decline comes after concerns around the demand from India, amid the current wave of COVID-19 infections, as well as the hacking of the Colonial Pipeline in the US.
  • The Gold price bounced off a one-week low, rising 0.62%, so keep an eye on Gold miners like Newcrest Mining (ASX:NCM) and Resolute Mining (ASX:RSG).
  • Copper is down 1.09% while Iron Ore plunged 2.9% after China cautioned on commodity prices.
  • The most traded stocks by Bell Direct clients yesterday were CSL (ASX:CSL), Telstra (ASX:TLS), and Australia and New Zealand Bank (ASX:ANZ). And for advised clients, the most traded stocks were Xero (ASX:XRO), BetaShares Active Australian Hybrids Fund (ASX:HBRD) and Vanguard Australian Shares Index ETF (ASX:VAS).

Trading ideas:

  • Bell Potter has reiterated their Buy recommendation on GrainCorp (ASX:GNC), maintaining a $6.20 price target. GrainCorp closed yesterday at $5.43, implying a 14.2% share price growth in the year.
  • Alliance Aviation Services (ASX:AQZ), Ava Risk Group (ASX:AVA) and People Infrastructure (ASX:PPE) are all giving off bullish charting signals according to Trading Central.