Market wraps 15th September 2020
Morning Bell - Jessica Amir - Jessica Amir
COVID-19 vaccine hopes; electric car demand picking up in China; and the Tech tech-takeover- kicked Wall Street back into buying the dip and rebound mode. Sentiment got a boost when AstraZeneca resumed phase three trials following a halt due to safety reasons. This saw the Nasdaq rise 1.9%, the S&P500 gain 1.3% and the Dow lift 1.2%,
Oil fell 0.2% - US$37.26
Gold, gained US$17.20 or 0.8% to US$1,965.
The Aussie dollar got a bit of a boost overnight, rising to 72.91 US, which is its highest level in almost three weeks, as the USD continues to come under pressure.
What to watch today?
The focus will be on the RBA meeting minutes - which is expected to pave out how much bond buying the central bank has conducted since August in a bid to stimulate the economy.
The futures are suggesting the Aussie market will pull back 0.2% following the 0.7% gain yesterday.
News Corp (ASX:NWS), Ingham's Group (ASX:ING), Plato Income Maximiser (ASX:PL8), Pro-Pac Packaging (ASX:PPG), CML Group (ASX:CGR) & Data#3 (ASX:DTL) all go ex- dividend today transferring the dividend right to shareholders, so they could see some selling.
Looking at Trading ideas that may be worth a look:
Macquarie’s (ASX:MQG) yesterday lowered its expected NPAT to $950 million for the first half of this financial year. Overnight, Bell Potter maintained the bank as a buy with a $135.00 target, while UBS reiterated MQG as a hold.
Aroa Biosurgery (ASX:ARX), the soft tissue regenerative company for hernia and reconstructive surgery, had its buy rating reiterated by Bell Potter with a $2.10 , implying 61% upside from yesterday’s close of $1.29.
Saracen Mineral (ASX:SAR) may be worth a look, as Trading Central’s data tells us that SAR may rise to $6.40 - $6.70 following yesterday’s close of $5.24 in the next 29 days, according to standard technical analysis.
Sezzle (ASX:SZL) - its shares may end their downtrend going off Trading Central’s standard technical analysis. SZL also expects sales to hit $1 billion by the end of this year.