Market wraps 28th May 2021
Morning Bell - Sophia Mavridis
US equities advanced overnight following better than expected jobs data.
Yesterday, the major miners pushed the Aussie share market higher, managing to close with a gain, amid Victoria going back into a snap 7-day lockdown.
Today following the US overnight, the Aussie share market is set to open higher this morning, with the futures suggesting the market will rise 0.82% to 7,148 points.
What to watch today:
- AGMs will be held today for Appen (ASX:APX), InvoCare (ASX:IVC), and Electro Optic Systems (ASX:EOS).
- Select Harvest (ASX:SHV) are set to report their half year results today.
- Keep an eye on Qantas (ASX:QAN) as the company continues to back the vaccine rollout. They are considering offering frequent flyer points and travel vouchers as an incentive to get the COVID-19 vaccine.
- Domino’s Pizza (ASX:DMP) major competitor Pizza Hut owner Yum! Brands, has made a deal to buy Dragontail Systems for $94 million. This could potentially end DMP’s relationship with the tech company, with Domino’s shares falling 4.9% yesterday.
- The Oil price is up 1.47%, so energy producers could end the week higher. Gold is up 0.02% and Copper is up 3.02%. The Iron Ore price has eased slightly from its record high this month, down 0.25%.
- Bell Potter have reiterated their BUY recommendation on Costa Group Holdings (ASX:CGC) with a $4.60 price target, previously at $5.10.
- Bell Potter have also reiterated their BUY recommendation on Volpara Health Technology (ASX:VHT), with an unchanged price target of $1.80.
- Intega Group (ASX:ITG), Mader Group (ASX:MAD) and Bionomics (ASX:BNO) are all giving off bullish charting signals according to Trading Central.