Market wraps 17th July 2020

Morning Bell - Jessica Amir

The Aussie share market is eyeing a 0.3% lift at the open.

Yesterday we had mostly encouraging economic news with the Aussie employment rate rising more than expected.

U.S. industrial and manufacturing activity beat expectations, but overnight U.S. weekly unemployment claims unexpectedly rose, spooking investors and giving them an excuse to take recent profits off the table.

Trading ideas:

  • UBS increased Audinate’s (ASX:AD8) buy rating and price target to $7.80, yesterday it closed 1.5% lower at $5.30.  This doesn’t take away from its 118% gain from the COVID-19 low.
  • Ahead of CBA’s (ASX:CBA) full financial year results being released on Wednesday 12 August, Bell Potter rose CBA’s price target to $78.00, yesterday it closed 0.1% lower to $72.64. CBA shares are up 34% from their COVID-19 bottom.
  • Life 360 (ASX:360) had its buy rating and price target upgraded by Bell Potter to $4.80. Yesterday it closed 5.2% higher at $3.03, giving it a total gain of 89% from its COVID-19 low.