Market wraps 9th August 2021
Morning Bell - Jessica Amir
Today, the Aussie share market is set to rally up 0.4% as stocks in the US mostly closed higher on at the weekend following a stronger than expected US jobs report.
All eyes this week will also be on companies reporting.
What to watch today:
- The NSW Premier set a target for 70% of the population to be vaccinated before restrictions are eased. NSW construction works in non-hotspot LGAs are now allowed back at work, if they have received their first vaccine dose.
- Suncorp (ASX:SUN) reported NPAT jumped 13% to $1.3 billion, beating the $976.3 million profit expected. SUN also declared a 40cps dividend, a special 8cps dividend, and a $250 million share buyback. Suncorp also reported that the biggest growth in the financial year came from a 42% jump in insurance profit and a 69% jump in banking profit thanks to surges in lending and savings.
- Reporting this week: Commonwealth Bank (ASX:CBA) report on Wednesday, with headline profit expected to be $8.6 billion with a $5 billion share buyback for shareholders. Also, Telstra (ASX:TLS) reports on Thursday, with expected profit of $1.5 billion and $1.4 billion share buyback for shareholders.
- The oil price fell 1.2% to US$67.24 a barrel, on fears that demand will slow as US COVID-19 cases are at a 6 month high.
- Gold slid 2% on stronger than expected US job numbers. And iron ore steadied, gaining 0.1%. In New York on Friday, RIO finished 0.2% up, while BHP fell 0.4%.
- Business and consumer confidence data will be released on Tuesday and Wednesday.
- Comet Ridge (ASX:COI) was reiterated as a Bell Potter Speculative BUY, with an increased price target of $0.18.
- FYI Resources (ASX:FYI), Sheffield Resources (ASX:SFX) and Corporate Travel Management (ASX:CTD) are all giving off bullish charting signals according to Trading Central.