Market wraps 15th July 2020
Morning Bell - Jessica Amir
The Aussie share market is expected to rise 0.5% at the open, after U.S. equities throttled ahead on COVID-19 vaccine hopes.
After market close Biotech giant Moderna announced its potential COVID-19 vaccine produced a strong immune response, neutralizing antibodies in all of the 45 patients in its early stage human trial. The U.S. futures are now suggesting a 0.9% rally when trade resumes this evening. That’s red hot news for Aussie investors, who closely follow what U.S. futures are doing as a sentiment indicator. So you could expect Aussie eco recovery stocks to follow Wall Street’s lead.
What to watch today:
Today consumer confidence data is out following better than expected NAB business confidence numbers out yesterday. Will confidence return to positivity and rise more than expected given the government cash handouts and superannuation withdrawals?
- Bell Potter upgraded Whitehaven Coal's (ASX:WHC) price target to $2.30, implying 51% growth, after the company delivered record results and that it will meet its production & sales guidance this year. UBS also reiterated it as a buy and increased its price target to $2.70.
- According to Trading Central's charts, AMA Group (ASX:AMA) is on a bullish uptrend, and it is also supported by fundamental research. Bell Potter backs the vehicle repair and accessory business AMA as a buy, recently increasing its price target to $0.85 after the company negotiated its service agreements with IAG and Suncorp.
- Looking at Trading Central's charts, Michael Hill's (ASX:MHJ) shares are suggested to be in a bullish uptrend. MHJ is also supported by fundamental research by Citi, which backs the jeweller as a buy with a $0.45 target.