Market wraps 3rd June 2020

Morning Bell - Jessica Amir

Aussie shares look set to rise for the third straight day with the ASX200 expected to lift 0.5% at the open, ahead of Australia’s economic data being released.

Trading ideas for today:

  • Following Zip Co’s (ASX:Z1P) 39% gain yesterday after announcing a 90% acquisition of a New York buy now pay later group, as well as raising capital with a major U.S firm, UBS rated Zip Co as a buy.
  • Following Virgin Australia proceeding to the next stages of Administration with Bain Capital or Cyrus Capital, UBS says Qantas (ASX:QAN) looks more favourable and will likely see more demand with a target of $4.65.
  • Aristocrat Leisure (ASX:ALL) was reiterated as a buy by Citi with a target of $30.10.

Investors will be watching GDP data which is out for the first time in 2020.