Market wraps 16th November 2020
Morning Bell - Jessica Amir
The ASX200 is eyeing a gain of 0.8% at the open following global equities charging higher on Friday. Last week the Aussie share market gained 3.5%, hitting an 8-month high.
What to watch today:
- CSL (ASX:CSL) announced it’s building a new vaccine manufacturing plant near Melbourne airport in Victoria, which will be the biggest vaccine facility in the southern hemisphere. The government will sign a $1 billion agreement with CSL to supply Australia with products until 2036 and the plant will be ready in 2026.
- Keep an eye on Hydrogen stocks like Hazer (ASX:HZR) and Woodside (ASX:WPL), given the government is pushing for hydrogen to play a major part in carbon-neutral transport, power generation and manufacturing.
- GrainCorp (ASX:GNC) and Elders (ASX:ELD) report results today.
- BWX (ASX:BWX) holds its AGM today.
- U.S. housing sales, retail sales and industrial production will be released this week, Australian unemployment numbers will be released Thursday and retail sales are out on Friday.
Local trading ideas:
- Bell Potter upgraded Lovisa’s (ASX:LOV) Buy rating, increasing its target to $13.50, implying 18% upside in a year from Friday’s close of $11.48.
- Bell Potter upgraded media and marketing group IVE (ASX:IGL) to a Buy, with a new $1.38 target, implying 44% upside in a year from Friday’s close of $0.96.
- Elders (ASX:ELD), BidEnergy (ASX:BID) and Fleetwood (ASX:FWD) are all showing bullish charting signals according to Trading Central.