Market wraps 19th June 2020
Morning Bell - Jessica Amir
The Aussie share market is set for a hesitant start with the futures eyeing a dip of 0.1% at the open.
Investors will be watching:
- Splitit (ASX:SPT) rose over 100% after inking a deal with Mastercard. Pre-market trade suggests it could rally 8% at the open.
- Afterpay (ASX:APT) became the 22nd biggest company on the ASX, following the RBA announcement that cash payments continued to fall on the back of structural trends and COVID-19.
- Evolution Mining (ASX:EVN) cut its gold output guidance and flagged an impairment of up to $100 million.
- UK Retail sales data is out later with stores reopening this week, but online retail is expected to have pushed sales up 5% in May.
Local trading ideas:
- Seek (ASX:SEK) was upgraded to a buy by UBS with a target of $23, following yesterday’s weaker than expected rise in unemployment.
- Temple & Webster (ASX:TPW) was reiterated as a Bell Potter buy given its valuable offering online retail. Bell Potter targets 17% share price growth to $6.10.
- Following Westpac selling its Pendal (ASX:PDL) stake, the fund managers Pendal was reiterated as a Bell Potter buy given Pendals performance fees have grown more than expected.