23rd July 2021

Morning Bell - Jessica Amir

Yesterday the Aussie share market closed at record high of 7,386 points after the market rose 1.1%.

This morning, the futures are suggesting the market will fall 0.2%.

What to watch today,

  • The iron ore price is down 2%, pulling back for the second session. Stocks such as BHP (ASX:BHP) and Fortescue Metals (ASX:FMG) are expected to pull back.
  • The oil price jumped 2% to US$71, helping energy stocks rebound from Monday’s sell off.
  • Copper is up 1.5%, while coal prices dipped for the second day, peeling back off its decade high.
  • The Services PMI Flash for July will be released today. The services sector was in growth territory prior to the lockdowns.

Trading Ideas:

  • Zip (ASX:Z1P) is a Citi BUY with a $10.25 price target, implying 35% share price growth in a year.
  • Bell Potter has reiterated Cluey (ASX:CLU) as a Speculative BUY stock, with a $1.70 price target, implying 50% share price growth in a year.
  • Uniti Group (ASX:UWL) Adriatic Metals (ASX:ADT) and Alcidion (ASX:ALC) are all giving off bullish charting signals according to Trading Central.