Market wraps 29th May 2020

Morning Bell - Jessica Amir

Today the Aussie share market is eyeing a 0.3% fall at the open. The ASX200 closed at a 12 week high yesterday, only 18% off its all time February high.

What to watch today:

  • Machine learning & voice recognition company, Appen (ASX:APX) holds its AGM today
  • Fruit & vegetable company, Costa Group (ASX:CGC) holds its AGM too
  • Private capital borrowing numbers for April
  • U.S President Trump's speech later tonight on the U.S-China tensions

Bell Potter trading ideas:

  • Bell Potter upgraded Emeco’s (ASX:EHL) price target to $1.52, implying a 40% share price growth after it handed down strong full year earnings estimates despite COVID-19, beating many expectations. 
  • Graincorp (ASX:GNC) was reiterated as a buy by Bell Potter, increasing its price target to $4.85, implying a 14% growth from yesterday’s close after Graincorp’s earnings estimates for FY21 remain on the upside.
  • WiseTech (ASX:WTC) was reiterated as a sell, with Bell Potter expecting its shares will fall to $17.50.