Market wraps 7th July 2021
Morning Bell - Sophia Mavridis
Yesterday, the RBA held the cash rate at 0.1%, where it is likely to stay until 2024. After the announcement, the Aussie share market continued to fall until the close, ending 53 points lower.
Today, the Aussie share market is set to open flat. The futures are suggesting a fall of 11 points or 0.2%, down to 7,162 points.
What to watch today:
- Sydney Airport (ASX:SYD) has seen a lot of movement this week. On Monday, SYD’s share price jumped almost 34% after they announced an all cash $22.6 billion buy out offer from infrastructure investors.
- Mineral Resources (ASX:MIN) announced they will be drilling its own natural gas supply in Perth. The project aims to provide energy security for the company’s future mining operations at a lower cost. Yesterday MIN closed 0.4% higher.
- NSW Premier Gladys Berejiklian is set to extend the current lockdown, originally set to end this Friday.
- The oil price is trading 1.9% lower, gold is trading 0.2% higher and the iron ore price is trading 2.4% higher.
- The most traded stocks by Bell Direct clients were Woodside Petroleum (ASX:WPL), Brainchip (ASX:BRN), and Australia and New Zealand Bank (ASX:ANZ).
- Bell Potter have upgraded their recommendation on Uniti Group (ASX:UWL) from a HOLD to a BUY, with an increased price target of $3.60 (previously $3.20).
- Citi have a BUY recommendation on Ramsay Heath Care (ASX:RHC) with a $76 price target.
- Bullish charting signals have been identified in Cyprium Metals (ASX:CYM), Dropsuite (ASX:DSE) and CleanSpace Holdings (ASX:CSX) according to Trading Central.