Market wraps 22nd November 2021

Morning Bell - Sophia Mavridis

On Friday the ASX200 edged 0.2% higher. Healthcare, Consumer Staples and Materials made the most gains, while the Industrials and Information Technology sectors declined the most.

Casino group, Crown Resorts (ASX:CWN) rose more than 16% on Friday, off the back of news that US private equity group Blackstone, who currently own 10% of Crown, put forward a merger proposal, bidding $12.50 cash per share. The board are currently considering the offer.

The most traded stocks by Bell Direct clients on Friday included the BetaShares Gold ETF (ASX:QAU) and Queensland Pacific Metals (ASX:QPM).

In overseas markets, European markets closed lower as Austria re-enters a national lockdown. US equities also struggled on Friday; however tech share posted a winning week. Global markets were weighed down by heightened inflation and COVID-19 concerns.

Today, following European & US markets, the SPI futures are suggesting the ASX200 will fall 0.6% at the open.

What to watch today:

  • The oil price is trading 3.7% lower, below US$76 a barrel, nearing levels not seen in 7-weeks.
  • Gold is trading at its lowest level in 2-weeks.
  • The seaborne iron ore price has moved slightly higher, trading just above US$92 a tonne.
  • Elders (ASX:ELD) is set to go ex-dividend today. Last week the company announced a final dividend of 22cps franked to 20%.

Trading ideas:

  • Bell Potter has maintained their BUY rating on footwear retailer and distributer Accent Group (ASX:AX1) and have increased their price target from $2.90 to $3.05. AX1 recovered from early losses on Friday, closing at $2.68, which implies 13.8% share price growth in a year.
  • Bullish charting signals have been identified in Ardea Resources (ASX:ARL) and Breville Group (ASX:BRG) according to Trading Central.