Market wraps 16th October 2020

Morning Bell - Jessica Amir

The ASX200 is set to fall 0.2% at the open following some of the European Government reinstating COVID-19 restrictions. This saw London’s FTSE fall 1.7%.

As for Commodities, the oil price fell back to US$40.99 after rising 4% in the two prior sessions.

What to watch today:

  • Rio Tinto (ASX:RIO) reports quarterly results today with all eyes on statements relating to coal as China allegedly suspended orders.
  • SKYCITY Entertainment Group (ASX:SKC) holds its AGM today.

Local trading ideas:

  • Radiology and software company, Pro Medicus (ASX:PME), was downgraded to a sell by Bell Potter following its 12% rally this week to $31.23 yesterday.
  • Citi reiterated Alumina (ASX:AWC) as a buy with a $1.80 target given the improving global aluminium demand.
  • Citi reiterated Newcrest Mining (ASX:NCM) as a buy but dropped its price target by $1 to $36.
  • MoneyMe (ASX:MME), Redbubble (ASX:RBL) and Fortescue Metals (ASX:FMG) are all showing bullish charting signals according to Trading Central.