Market wraps 7th October 2021
Morning Bell - Jessica Amir
Yesterday, the ASX200 fell 0.6% after the Reserve Bank of New Zealand increased its interest rates, which affected sentiment on the ASX, making investors questions if the RBA would do the same.
Today, the Aussie share market is set to open higher, with the futures suggesting a rise of 0.5%.
What to watch today:
- The oil price fell 2.5% to US$76.92, falling from a 7-year high. Oil prices have surged over 50% this year, adding to inflationary pressures. Iron ore prices remained relatively flat overnight on limited market activity. And thermal coal prices fell 10% from their record high.
- Watch travel, tourism and food and beverage stocks ahead of NSW reopening next week.
- In economic news, there will be a services sector reading today for September.
- Companies going ex-dividend today include ARB Corp (ASX:ARB) and Macmahon Holdings (ASX:MAH).
- Citi reiterated its BUY rating for ship builder Austral Limited (ASX:ASB) with a $3.10 price target, implying 61% share price growth in a year.
- Bullish charting signals have been seen in QBE Insurance (ASX:QBE), hipages Group (ASX:HPG) and Praemium (ASX:PPS) according to Trading Central