Market wraps 20th November 2020
Morning Bell - Jessica Amir
The ASX200 is eyeing a gain of 0.4% at the open, on track for its fifth straight day of gains.
U.S. COVID-19 cases are continuing to rise, up 26% from last week.
What to watch today:
- Sydney Airport (ASX:SYD) and Orica (ASX:ORI) report results today.
- Autosports (ASX:ASG), Accent (ASX:AX1), Centuria (ASX:CNI), Kogan (ASX:KGN), Lendlease (ASX:LLS), Platinum (ASX:PTM) and ResMed (ASX:RMD) hold their AGMs today.
- Preliminary retail sales will be released today and are expected to show a rise of 0.3%. If it’s higher than expected, you might expect consumer spending socks like JB Hi-Fi (ASX:JBH),
- Harvey Norman (ASX:HVN), Kogan (ASX:KGN) Breville (ASX:BRG), Lovisa (ASX:LOV), Kathmandu (ASX:KMN) and Super Retail Group (ASX:SUL) to do well.
Local trading ideas:
- Life360 (ASX:360) was reiterated as a Bell Potter Buy with a $7.70 target, implying 111% upside in a year. Google is now collaborating with Life360, which allows any Google assisted device like phones, smart speakers, Google watches or car devices to tap into the Life360’s technology.
- Aus Agricultural Co (ASX:AAC) was upgraded by Bell Potter, increasing its Buy rating and target to $1.40, implying 19% upside in a year. AAC reported stronger than expected earnings which surprised many analysts and its stock jumped 5.7% yesterday. Its cashflow increased and debt reduced.
- Redbubble (ASX:RBL), QuickFee (ASX:QFE) and Shriro Holdings (ASX:SHM) are all showing bullish charting signals according to Trading Central.