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Morning Bell 13 November

Bell Direct
November 13, 2023

US equities closed with a second week of gains, with the Dow Jones up nearly 400 points or 1.15%, the S&P500 up 1.56% and the tech-heavy Nasdaq rallying 2.05% higher, after Microsoft leap to all-time highs during Friday’s session. Equities recovered as treasurer yields stabilised.

All European benchmarks ended the trading week in the red. The STOXX 600 closed Friday 1% lower, with food and beverage stocks leading the losses. All sectors were in negative territory, except for oil and gas stocks.

What to watch today:

  • The Australian market is set to start the week higher, ahead of key economic indicators out this week. The SPI futures are suggesting a rise of 0.34% at the open this morning.
  • In commodities,
    • Crude oil is trading almost 2% higher at US$77 per barrel, mirroring the broader market as equities rebounded on Friday.
    • Gold is more than 1% lower, below US$1,950 an ounce, weighed down by the strong US dollar and Treasury yields, as the US market anticipates a fall in US consumer sentiment, as well as higher inflationary expectations.
    • And iron ore has advanced to US$130 per tonne, its highest level in over 7-months, amid expectations of robust demand and risks to supply.
  • And today watch the share price movements of ANZ (ASX:ANZ), Elders (ASX:ELD) and Incitec Pivot (ASX:IPL) as they’re set to release their earnings reports today.
  • Also watch Macquarie Group (ASX:MQG), which is set to go ex-dividend today. This may see MQG’s share price fall, as investors take their profits.

Trading Ideas:

  • Bell Potter maintains a Buy rating on Life360 (ASX:360) ahead of the release of the companies Q3 results on Wednesday this week. Life360 provides a market leading app for families with features that range from communications to driving safety and location sharing. Bell Potter continue to forecast 2023 revenue and adjusted EBITDA of US$310.8 million and US$13.9 million, consistent with or slightly above guidance, which they expect to be reiterated in the Q3 report. Their price target remains unchanged at $11.00, and at 360’s current share price of $7.96, this implies 38% share price growth in a year.
  • Bell Potter also have a Speculative Buy rating on Avita Medical (ASX:AVH), who develop a range of respiratory and regenerative products. Their valuation is $6.85, which at AVH’s current share price of $3.71, implies 84.6% share price growth in a year.

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