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Morning Bell 11 January

Paulina Peters
January 11, 2022

The Aussie share market started yesterday down 0.6%, however managed to close just 0.08% lower yesterday to 7,447. Only three sectors managed to post gains, while the tech and consumer discretionary sectors were hit the hardest. The tech sector is suffering from a spike in bond yields as markets anticipate a faster tightening cycle by central banks.

Looking at the ASX200 stock performance, the top stock yesterday was battery materials and technology company, Novonix (ASX:NVX). The stock was up 10.8% after announcing its intentions to list on a second stock exchange, the Nasdaq in the US. AGL Energy (ASX:AGL) also performed well, rising 8.6%, following a bullish broker note from Credit Suisse, upgrading the stock to “outperform”. And some of the other best performing stocks included mining stocks Alumina (ASX:ALU), Champion Iron (ASX:CIA), Chalice Mining (ASX:CHN) and Iluka Resources (ASX:ILU). Reliance Worldwide (ASX:RWC) was the worst performer, down 3.4%, despite no news out from the company, and both Xero (ASX:XRO) and WiseTech Global (ASX:WTC) saw some selling as the tech sector came under pressure.

The most traded stocks by Bell Direct clients yesterday was Wesfarmers (ASX:WES). The company is now the last one standing in the takeover of Priceline owner Australian Pharmaceuticals Industries (ASX:API), after Woolworths withdrew its proposal. Afterpay (ASX:APT), Telstra (ASX:TLS) and Fortescue Metals (ASX:FMG) were also highly traded yesterday.

In the US, stocks recovered from earlier losses, staging an afternoon rally that put an end to the Nasdaq’s four day losing streak. The tech-heavy Nasdaq closed 0.05% higher, while the Dow and S&P500 both fell, down 0.45% and 0.14% respectively. European stocks closed lower amid interest rate fears, ahead of key US inflation data out this week and more comments from US Federal Reserve Chairman Jerome Powell on interest rate hikes.

For today, following the mixed session on Wall Street, the futures are suggesting the Aussie share market will open 0.56% lower.

What to watch today:

  • Keep an eye on Ramsay Health Care (ASX:RHC). The company reached agreement regarding a new volume-based agreement with the NHSE, the National Health Service in England, which makes its services available to the NHSE and its patients to meet the ongoing demands resulting from the COVID-19 pandemic. If the agreement is well received by investors, its shares could lift.
  • Economic news out today includes Australia’s balance of trade data for November. Australia’s trade surplus decreased to A$11.22 billion in October from a downwardly revised A$11.82 billion in the previous month. Consensus expects trade surplus to decrease again to A$10.6 billion in November. Separately, retail sales for November will also be released today.
  • Oil prices fell on demand concerns given the rapid global rise in omicron infections, while the gold price edged higher despite US 10-year Treasury yields hitting two-year highs. And the seaborne iron ore price traded slightly higher to US$126 a tonne.

Trading Ideas:

  • Bell Potter have upgraded their rating on coal mining company, Whitehaven Coal (ASX:WHC) from a HOLD to a BUY, and have also increased their price target from $3.50 to $3.60. Bell Potter believe the coal price strength from mid-2021 should now be flowing through to realised prices, which should materially lift free cash flow. Operational risks at Narrabri remain, however, should abate over 2022. Therefore, Bell Potter believe WHC is cheap on most valuation metrics, and that supports their upgrade to a BUY. Now, WHC closed 5% higher yesterday to $2.89, which implies about 25% share price growth in a year.
  • Trading Central has a bullish signal on EML Payments (ASX:EML). This signal indicates that the stock price may rise from the close of $3.22 to the range of $4.30 – $4.50 in the next 33 days, according to standard principles of technical analysis.

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