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Morning Bell 11 May

Bell Direct
May 11, 2021

US equities fell overnight with all three benchmarks closing lower, as tech stocks dragged down the market.

Following the US, the Aussie share market is set to drop, with the futures suggesting a 0.73% fall.

What to watch today:

  • New home sales will be released this morning, currently at their highest since 2004.
  • The Australian budget will be released tonight. Federal Treasurer Josh Frydenberg says the upcoming budget will prioritise job creation. The Australian economy has seen a better than expected economic recovery from the COVID-19 outbreak, after seeing the largest budget deficit last year since WWII.
  • Leading Australian tech shares like Afterpay (ASX:APT) and Zip (ASX:Z1P), following US tech shares coming under pressure overnight.
  • Boral (ASX:BLD) after Seven Group Holdings (ASX:SVW) launched an off market takeover offer. Seven already holds a 23.2% stake in the group and is offering $6.50 cash per Boral share – an offer that matched Boral’s closing price on Monday.
  • The Oil price is down 0.03%, Copper down 3.69%, Silver down 0.5%, while Iron Ore is up 5.45%. And Gold is up 0.3% nearing a 3-month peak.
  • The most traded stocks by Bell Direct clients yesterday were Deterra Royalties (ASX:DRR), (ASX:ANZ) and Fortescue Metals (ASX:FMG).

Trading ideas:

  • Bell Potter has maintained their Buy recommendation of a2 Milk (ASX:A2M), with a price target of $8.50, previously $9.50. a2 Milk closed yesterday at $6.10, implying a 39.3% share price growth in the year.
  • Bell Potter have released another report on Synlait Milk (ASX:SM1), lowering their price target to $3.85. SM1 closed yesterday at $3.03, implying 27.1% growth.
  • Brainchip Holdings (ASX:BRN), West African Resources (ASX:WAF) and Aurelia Metals (ASX:AMI) are all giving off bullish charting signals according to Trading Central.

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