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Morning Bell 10 March

Sophia Mavridis
March 10, 2022

Yesterday at ASX200 closed in the green for the first time in four days. The tech sector rebounded, after what had been a week of heavy losses, with software players WiseTech (ASX:WTC) and Xero (ASX:XRO) adding 6.4% and 1.8% respectively. The likes of Block (ASX:SQ2) and Zip (ASX:Z1P) also made gains. BNPL stock Z1P posted its first positive session since the February 25th.

Mesoblast (ASX:MSB) rebounded 17%, after falling earlier this week. While Paladin Energy (ASX:PDN) jumped 10%, off the back of broker upgrades. Bell Potter have upgraded PDN from a HOLD to a Speculative BUY. The broker says that the Uranium price continues to recover from cyclical lows, as limited near-term supply spurs the spot market, whilst the global path to decarbonisation re-shapes the role of nuclear energy over the longer-term. PDN represents the largest and most liquid exposure to uranium on the ASX, with the pending restart decision at their flagship Langer Heinrich Mine.

The most traded stocks by Bell Direct clients yesterday included 29 Metals (ASX:29M), Core Lithium (ASX:CXO) and Lake Resources (ASX:LKE).

US equities are higher, with all three major benchmarks in the green.  The S&P500 and the Dow up more than 2.5% and the Nasdaq rallying 3.9% higher.

Following the US, the SPI futures are suggesting the local market will rise 0.44% at the open this morning.

What to watch today:

  • In commodities, the price of oil has cooled off, trading 12% lower at US$109 a barrel, as investors try to assess the impact of recent sanctions in the oil market.
  • The gold price is also trading 3% lower, as some investors may be selling gold to raise cash to buy undervalued stocks offsetting gold’s safe-haven appeal. And seaborne iron ore is has fallen to US$157 a tonne.
  • Capricorn Metals (ASX:CMM), De Grey Mining (ASX:DEG) and Gold Road Resources (ASX:GOR) are set to report their earnings today.

Trading Ideas:

  • Bell Potter maintain their BUY rating on Nickel Mines (ASX:NIC) with a $1.76 price target. NIC entered and exited a trading halt on Wednesday, following a 23% drop in its share price in morning trade. This resulted from speculation around the possible implications for private equity company Tsingshan Holding Group, which is the world’s largest stainless steel producer and parent company of Shanghai Decent Investment, who are NIC’s largest shareholder, having a 17.9% stake in the company. NIC last closed at $1.40, implying 25.3% share price growth in a year.

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