Morning Bell 1 June

Paulina Peters
June 1, 2021

Aussie equities managed to extend their monthly run of gains to 8 months in May. That’s the longest stretch in 14 years, despite yesterday’s slight dip given Melbourne’s COVID-19 outbreak spread, as well as Nuix (ASX:NXL) shares tumbling 17.8%.

The Aussie share market looks set to open 0.43% lower, amid a lack of direction from overseas, with both the US and UK markets closed for holidays.

Watch to watch today:

  • The RBA holds its monthly interest rates decision meeting with rates expected to hold at 0.1%.
  • The Oil price rose on Monday, with the WTI crude trading around US$67 a barrel, boosted by prospects of strong fuel demand in Europe and China. Investors now anticipate the OPEC meeting this week for supply guidance.
  • The Gold price continues to hold firm above the key US$1,900-level.
  • The Iron Ore price bounced in line with Chinese steel prices.
  • The most traded stocks by Bell Direct clients yesterday: Computershare (ASX:CPU), PPK Group  (ASX:PPK) and Andromeda (ASX:ADN). And the most traded stocks by our advised clients were Healius (ASX:HLS), Betmakers Technology Group (ASX:BET) and Coles (ASX:COL).

Trading Ideas:

  • Bell Potter have reiterated their BUY recommendation for the second largest private provider of death services in Australia and New Zealand, Propel Funeral Partners (ASX:PFP) with an increased price target of $4.15 (previously $3.50). Yesterday, PFP closed 8.5% higher to $3.70, which implies about 12% share price growth.
  • Bell Potter has also maintained their BUY recommendation for technology hardware and equipment business, EROAD (ASX:ERD), with an increased price target of $6.05 (previously $5.62).
  • Genex Power (ASX:GNX), Novatti Group (ASX:NOV) and Access Innovation Holdings (ASX:AIM) are all giving off bullish charting signals according to Trading Central.

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