Market wraps 21st May 2021
Morning Bell - Sophia Mavridis
After a three-day losing streak, US equities made a comeback. Today, following the US, the Aussie share market is set to open higher, with the futures suggesting the market will rise 0.38% to 7,042 points.
What to watch:
- New data from the ABS shows that the Australian economy is in a better than expected economic position post the pandemic, as the unemployment rate fell 5.5%.
- Results of the Markit Manufacturing PMI and Australian Retail Sales will be released.
- Qantas Airways (ASX:QAN) has announced two year wage freezes and that they’re offering redundancies to their international cabin crew. A few hundred jobs will be cut from Qantas’ international workforce in the hope of recovering from a $16 billion deficit caused my travel restrictions.
- Adelaide Brighton Cement (ASX:ABC), Sydney Airport (ASX:SYD) and Dicker Data (ASX:DDR) hold their AGMs today.
- The most traded stocks by Bell Direct clients yesterday were: Australia and New Zealand Bank (ASX:ANZ), Macquarie Group (ASX:MQG), and National Australia Bank (ASX:NAB).
- The Oil price dropped again, it fell 2.24%. So keep an eye on energy producers such as Santos (ASX:STO). The fall comes as traders have been selling oil amid the news of the potential removal of Iranian sanctions on crude oil exports.
- The Gold price rose 0.41%, Copper is down 1.12% and Iron Ore is down 0.38%.
- Bell Potter has maintained its BUY recommendation on Australian Pharmaceutical Industries (ASX:API), following Pfizer’s decision to revert back to a wholesaler distribution model later this year, with an unchanged price target of $1.50.
- Codan (ASX:CDA), Cash Converters International (ASX:CCV) and Shaver Shop Group (ASX:SSG) are all giving off bullish charting signals, according to Trading Central.