Market wraps 8th January 2021

Morning Bell - Paulina Peters

The Aussie share market looks set to open 0.3% higher to 6,672. This comes as US equities rallied following Congress confirming the election of Joe Biden as president, as well as traders looking away from the Washington unrest.

Elon Musk has just become the richest person in the world, with a net worth of more than $185b. Telsa’s share price rocketed around 8% and in 2020 increased more than ninefold.

What to watch today:

  • It’s worth keeping an eye on Aussie tech stocks, like Afterpay (ASX:APT), and Xero (ASX:XRO) given the Nasdaq reached the 13,000 mark for the first time in history.
  • BHP (ASX:BHP) and Rio Tinto (ASX:RIO) both closed at record highs yesterday, up 6% and 8.5% respectively, given the rising iron ore price.
  • The oil price continues to rise as supply constraints retain focus amid the US Capitol drama.

Local trading ideas:

  • Virgin Money (ASX:VUK), BlueScope Steel (ASX:BSL) and Mastermyne Group (ASX:MYE) are giving off strong bullish charting signals according to Trading Central.