Market wraps 5th June 2020
Morning Bell - Jessica Amir
Investors are tipped to lock in fresh profits with the futures eyeing a dip of 0.2% today after the ASX200 has gained 4% so far this week. The oil price nudged ahead to US$37.41 a barrel with OPEC mulling over extending their production cuts to boost the oil price. The gold price lost $5.90 in value, falling to $1,722. an ounce. Iron ore fell 1.6%, but the price of ore has gone up by 9.4% compared to last week, and it’s trading at $10 a tonne.
What to watch today:
- Kogan (ASX:KGN) just reported June quarter results with Gross Profit rising over 130% across 4QTD of the financial year, and active customers rising to 2 million, that means Kogan.com customers grew by 126,000 in May.
- Companies going ex-dividend include ALS (ASX:ALQ) and Infratil (ASX:IFT) and OFX Group (ASX:OFX) goes ex-div on Tuesday (remember if you buy shares before the ex-div date, you’ll be entitled to the upcoming dividend – which is why on the day ex-div date, shares are usually sold down).
- Afterpay (ASX:APT) was upgraded by Bell Potter overnight, with a $65.00 price target, after Bell Potter did a deep dive into profit prospects
- Beacon Lighting (ASX:BLX) Citi’s top small cap pick, got a big boost following the government’s HomeBuilder scheme. Its shares have gained 150% from COVID-19 lows.
- UBS initiated coverage of property group, Centuria (ASX:CNI) for the first time overnight, saying it’s the top buy pick for property fund managers.