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Morning Bell 1 December

Jessica Amir
December 1, 2020

The Aussie share market futures are suggesting a fall of 0.2% for the first day of December. Summer is in the air – the QLD border is now open to Victorian and Sydney residents and the world is closer to another vaccine as Moderna applies for emergency clearance of their vaccine.

Overnight U.S. stocks slipped but held onto spectacular gains. The Dow lost 0.9% however posted its best November since 1987 on promising vaccine development… boosting confidence of an economic recovery. The S&P500 fell 0.5% but rose 11% in November, and the Nasdaq closed flat overnight but gained 12% last month.

What to watch:

  • Australian grain farmers are on track to produce the second largest grain crop on record, following years of drought. Keep an eye on agricultural stocks like Australian Agricultural Company (ASX:AAC), Elders (ASX:ELD) and Select Harvests (ASX:SHV).
  • About 60 Australian coal carrying ship  are still being held up at Chinese ports. So keep an eye on coal stocks.
  • Reporting today: Colins Foods (ASX:CKF) and National Storage REIT (ASX:NSR).

Trading ideas:

  • Bell Potter upgraded stem cell business Mesoblast’s (ASX:MSB) speculative Buy rating with a new $7.40 price target (implying 78% upside in a year).
  • Bell Potter upgraded copper company, Aeris Resources (ASX:AIS) Buy rating with an increased price target of 11.2 cents, implying 56% upside.
  • UBS increased its Buy rating on Select Harvests (ASX:SHV) with a new price target of $7.90. UBS says despite almond prices being lower now, there is upside in FY22.
  • Lastly, from a charting perspective, keep an eye on Damstra Holdings (ASX:DTC), Nitro Software (ASX:NTO) and Elders (ASX:ELD) – all these stocks are showing bullish charting signals according to Trading Central.

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