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Morning Bell 14 April

Paulina Peters
April 14, 2022

Yesterday, the consumer confidence index fell by 0.9% month-on-month in April, down for the fifth straight month, and this follows inflation rising and prospects of higher interest rates, which has dampened sentiment further.

The Aussie share market gained 0.34% with all sectors in the green, except the real estate, tech, and communication services sectors.

Looking at the ASX200 leaderboard, AVZ Minerals (ASX:AVZ) topped the list, gaining 11.7% after the company received a positive technical opinion from the Department of Mines. This was the fourth and final requirement for a mining licence, meaning the company may soon be awarded a mining licence for its flagship project. And on the other end, cement and lime producer, Adbri (ASX:ABR) fell 4%. Morgan Stanley hold a pessimistic view on the stock due to adverse weather and higher energy costs.

The most traded stocks by Bell Direct clients yesterday included Lake Resources (ASX:LKE), Stockland (ASX:SGP) and Regis Resources (ASX:RRL).

Moving to the US, all three benchmarks closed in the green, with the Nasdaq and S&P500 snapping their respective three-day losing streaks. Stocks rallied, despite surging inflation numbers, as corporate earnings season kicked off.

What to watch today:

  • Following the positive session in the US, the futures are suggesting that the Aussie market is set to open 0.23% higher this morning.
  • In commodities, the oil price continues to rise, up over 3% to US$104. This comes as investors become more discouraged about the peace talks between Russia and Ukraine, further fuelling concerns about tight supplies. The gold price hit a one-month high as high inflation boosts its appeal. And the spot iron ore price is trading 2% higher at US$148 a tonne.
  • In economic news, the unemployment rate will be released today at 11:30am AEST. As a reminder, the unemployment rate in February fell to 4%, which was only the third time in history that unemployment has fallen to that level. In the RBA’s statement on monetary policy in February, they noted that the unemployment rate is forecast to decline gradually over the forecast period, to 3.75% by the end of 2023. So, consensus is expecting March’s reading today to come in at 3.9%.
  • Coal mining company, New Hope Corporation (ASX:NHC) and accounting services company Diverger (ASX:DVR) are set to go ex-dividend today.

Trading Ideas:

  • Bell Potter have maintained its BUY rating on technology hardware and equipment company EROAD (ASX:ERD) however have reduced its price target from $5.95 to $5. ERD’s current share price is $2.71, so this implies 85% share price growth in a year.
  • Trading Central has a bullish signal on Bapcor (ASX:BAP), indicating that the stock price may rise from the close of $6.46 to the range of $6.90-$7 in the next 10 days according to standard principals of technical analysis.

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