BPO TV

Market wraps 7th May 2021

Morning Bell - Sophia Mavridis

All three US benchmarks rallied on Thursday and US stock futures have opened slightly higher ahead of key April jobs report data.

Given this, the Aussie share market is set to open higher, mirroring US gains with the futures are suggesting a 0.28% rise at the open.

What to watch:

  • Australia will publish the April AIG Performance of Services Index, which was previously at 58.7, while the RBA will unveil the Minutes of its latest meeting at 11:30am AEST.
  • Travel stocks like Flight Centre (ASX:FLT), Qantas (ASX:QAN) and Air New Zealand (ASX:AIZ) after New Zealand Prime Minister Jacinta Arden put a 48-hour halt on quarantine free travel between New South Wales and New Zealand.
  • Newscorp (ASX:NWS) reported third quarter profits of $US96 million, after a billion dollar net loss previously. Newscorp’s steady growth is highly driven by their digital real estate segment.
  • REA Group (ASX:REA) reported third quarter 2021 sales. The group delivered strong third quarter results with revenue increasing 8% year-on-year.
  • Goodman Group (ASX:GMG) and Macquarie Group (ASX:MQG) set to report results later today.
  • Iron Ore continues to trade higher, currently at a record high of US$197.68.

Trading ideas:

  • Bell Potter has reiterated their BUY recommendation on Emeco Holdings (ASX:EHL) with a $1.50 price target.
  • Bell Potter have also retained their BUY recommendation on Synlait Milk (ASX:SM1), maintaining its price target at $4.10.
  • Southern Cross Media Group (ASX:SXL), Peel Mining (ASX:PEX), and Bisalloy Steel Group (ASX:BIS) are all giving off bullish charting signals according to Trading Central.