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Morning Bell 1 December

Sam Kannan
December 1, 2023

Wall Street closed mixed overnight with the Dow Jones rallying to a new high for the year, ending the session up 1.47%. The S&P 500 rose 0.38%, but the tech-heavy Nasdaq fell 0.23% overnight as investors took some profits in Big Tech stocks that led the November comeback rally. In terms of US stocks, Salesforce jumped 8.6% on the back of better-than-expected earnings and revenue in the fiscal third quarter.

Over in Europe, markets closed higher to end the best month since January. The STOXX600 closed 0.5% higher, Germany’s DAX ended the trading day up 0.30%, the French CAC closed 0.59% higher and over in the UK the FTSE 100 rose 0.41%.

Locally yesterday, the ASX200 closed Thursday 0.74% higher led by gains in the industrial and information technology sectors of 1.43% and 1.29% respectively. This was slightly offset by the utilities sector which ended Thursday’s session 0.95% in the red.

What to watch today:

  • The Australian share market is set to open lower, with the SPI futures suggesting a fall of 0.27% at the open this morning on the back of Wall Street’s mixed session overnight.
  • On the commodities front this morning,
    • Oil is down 2.71% to US$75.73 a barrel with Brazil announcing a plan to increase its output to 3.8 million barrels a day, raising concerns of oversupply.
    • Gold is down 0.45% to US$2,035 an ounce.
    • Iron ore is down 0.74% to US$133.50 a tonne.

Trading Ideas:

  • Bell Potter maintains a buy rating on DroneShield (ASX:DRO) and has increased the 12-month price target on the defence technology company to $0.50. The buy rating is maintained by Bell Potter as DroneShield has significantly increased the scale of their operations, and revenue forecasts have increased by 21%, 27% and 25% in CY24, CY25 and CY26, leading to the analyst maintaining a buy rating on the company.
  • And Trading Central has identified a bullish signal in Regis Resources (ASX:RRL), indicating that the stock price may rise from the close of $1.95 to the range of $2.16-$2.22 on a pattern formed over 77 days, according to the standard principles of technical analysis.

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