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Morning Bell 10 February

Paulina Peters
February 10, 2022

Yesterday, the Aussie share market charged over 1% higher to 7,268 points. That marks a two-week high for the benchmark ASX200 index. The lift follows CBA’s strong half-year results, which also helped the other major banks post decent gains. Looking at the sector performances, the tech sector outperformed, up 4.2%, after it took a solid lead from Wall Street, while both the materials sector and energy sector posted losses, partly due to the fall we saw in the iron ore price.

Computershare (ASX:CPU) lifted 11.2% after the company released a strong half-year and guidance upgrade. Imugene (ASX:IMU) also gained, after its company director acquired 15 million shares, displaying his confidence in the company. Meanwhile, Mineral Resources (ASX:MIN) dropped nearly 9% after following its mixed results that recognised a loss in both revenue and statutory profit.

The most traded stock by Bell Direct clients yesterday was Fortescue Metals (ASX:FMG). Its share price fell 3.6% following the rapid decline in the iron ore price as Chinese officials step up their efforts to control the iron ore price. Also highly traded was Lake Resources (ASX:LKE), Commonwealth Bank (ASX:CBA) and CSL (ASX:CSL).

In the US, all three benchmarks closed in the green, with the Nasdaq jumping as investors continued to buy the January tech dip. Tech stocks like Shopify, Etsy, Meta and Zoom all rose. And investors are now preparing for Thursday’s consumer price index report, which will give an update on the inflation picture. The result could push the Federal Reserve closer to considering its single-largest rate hike in more than two decades.

Today, following the positive session over on Wall Street, the futures are suggesting the Aussie share market will open 0.31% higher this morning.

What to watch today:

  • National Australia Bank (ASX:NAB) is one to watch today when it releases its first quarter update. Bell Potter analysts are forecasting around $1.59 billion in cash earnings and 49 cents cash earnings per share.
  • AGL Energy (ASX:AGL) is set to release its half-year 2022 results. It is widely expected that the energy company’s results will disappoint the market, after the company faced a very tough half. The analysts at Morgans are expecting AGL’s first-half earnings to sink to $97 million.
  • Also reporting results today is ASX (ASX:ASX), AMP (ASX:AMP), Downer EDI (ASX:DOW), Mirvac Group (ASX:MGR), Cimic Group (ASX:CIM) and Unibail-Rodamco-Westfield (ASX:URW).
  • Virgin Money UK (ASX:VUK) is set to go ex-dividend today.
  • In commodities, the oil price remained stable at US$90 a barrel. The gold price gained 0.26% on a softer dollar and yields, while the seaborne iron ore price is trading 0.8% lower to US$147 a tonne.

Trading Ideas:

  • After its results yesterday, Bell Potter have upgraded its rating on Commonwealth Bank (ASX:CBA) from a HOLD to a BUY, and have maintained its price target at $108. While Citi has a SELL rating and $97 price target and Macquarie has a Underperform rating and $88.50 price target on the stock.
  • Trading Central has a bearish signal on Mineral Resources (ASX:MIN). This signal indicates that the stock price may fall from the close of $52.72 to the range of $41 -$44 in the next 9 days, according to standard principles of technical analysis.

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