Market wraps 9th July 2021
Morning Bell - Paulina Peters
It was a volatile session over in the US, amid global economic recovery concerns.
Japan declared a state of emergency in Tokyo, with its upcoming Olympics to be held with no spectators.
Also causing recovery concerns is the rebound in cases due to the COVID-19 variants many countries are currently experiencing.
This morning the Aussie share market looks set to end the week lower, with the futures suggesting the market will fall 0.66% at the open.
What to watch today:
- Zip (ASX:Z1P) saw its share rise as much as 15% yesterday amid speculation that rival Swedish BNPL provider, Klarna had acquired a 4% stake in the business.
- Seven West Group (ASX:SWM) climbed 4% higher after it took its stake in building materials company Boral (ASX:BLD).
- RBA Governor Lowe spoke yesterday to the Economic Society of Australia, where he reiterated the central bank’s position that conditions for a rate rise will not be met until 2024.
- NSW COVID-19 cases hit a record 38 new cases yesterday, with the Federal Government pledging an extra 300,000 doses of vaccines to be distributed to NSW, noting that this won’t affect supplies for other states. Australia now sits at about 8% fully vaccinated, and 25.72% of the population having their first dose.
- The oil price is trading up about 1.5% to US$73 a barrel, following positive US inventory data, which showed a much bigger drop than expected in crude and gasoline inventories.
- The gold price eased around US$1,800.
- The iron ore price fell 0.82% to US$216.
- Bell Potter has maintained its BUY rating on telemedicine company Doctor Care Anywhere (ASX:DOC) with a price target of $1.70. DOC closed 2% higher yesterday to $0.90, which implies about 93% share price growth in a year.
- Lynas Rare Earths (ASX:LYC), BUBS Australia (ASX:BUB) and MyDeal.com.au (ASX:MYD) are all giving off bullish charting signals according to Trading Central.