Market wraps 19th October 2020
Morning Bell - Jessica Amir
The ASX200 is set to gain 0.6% at the open with Victoria’s restrictions beginning to ease from today.
There are 16 days until the U.S. election, but the focus for many remains on stimulus and economic news. Earnings are back in focus this week with IBM, Netflix and Tesla to report.
China’s GDP growth numbers are out today and Flash PMI numbers for Australia, the U.S., the UK and Europe are out later this week.
What to watch today:
- South32 (ASX:S32) reports production results today.
- Companies going ex-div: Cadence Capital (ASX:CDM), Frontier Diamonds (ASX:FDX), Wam Global (ASX:WGB), WAM Leaders (ASX:WLE) and K&S Corp (ASX:KSC).
Local trading ideas:
- Citi downgraded Zip Co. (ASX:Z1P) to a sell with a reduced price target of $6.55. Citi sees downside risks from increased international competition.
- Woolworths (ASX:WOW) has been reiterated as a buy by UBS with a $43.50 price target. WOW quarterly results are due on the 4th of November, which could be the next catalyst for the business.
- Ahead of NAB (ASX:NAB) releasing its financial year results on the 5th of November, Bell Potter revised NAB’s buy rating with a new $21.00 price target, implying 9% upside.
- Weebit Nano (ASX:WBT), Navigator Global Investments (ASX:NGI) and Vista Group International (ASX:VGL) are all showing bullish charting signals according to Trading Central.