Morning Bell 14 July

Bell Direct
July 14, 2020

The ASX200 is set to fall 0.8% at the open, trimming off some of yesterday’s 1% gain after U.S. equities turned positive for the year. The S&P500 hit its highest level since COVID-19 began before falling and losing those gains.

What to watch today:

  • Whitehaven Coal (ASX:WHC) releases Q2 2020 production.
  • NAB business confidence for June is out today with forecast to improve from May’s reading of negative 20 given payrolls in May and retail spending is recovering. Keep a close eye on stocks linked to the economic recovery like the big four banks, Suncorp (ASX:SUN), Auswide Bank (ASX:ABA), Goodman Group (ASX:GMG) & Centuria (CIP).
  • NSW will cap the number of people allowed in pubs following an outbreak at the Crossroads hotel. This won’t affect the Clubs or Star City Casinos (ASX:SGR). Keep an eye on the biggest owner of pub properties ALE Properties (ASX:LEP).
  • Westpac (ASX:WBC) names Michael Rowland as its new CFO, joining from KPMG.

Local trading ideas:

  • UBS reiterated Oil Search (ASX:OSH) as a buy with a $4.30 price target.
  • Bell Potter increased its buy rating and price target of Praemium (ASX:PPS) to $0.59 expecting a stellar FY22 on the back of an EPS lift.
  • UBS reiterated Qantas (ASX:QAN) as a buy with a $4.60 price target, expecting an improvement in numbers from September. But keep in mind flights in and out of Melbourne represent 21% of Australian capacity and international flights are on hold. Given this, expect earnings to return in 2022.

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