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Morning Bell 16 August

Sophia Mavridis
August 16, 2022

Our local market closed 0.5% higher with the real estate and consumer discretionary sectors in the lead, while energy and financials were in the red.

Beach Energy (ASX:BPT) dropped the most on the ASX200 yesterday, after reporting its results. Although revenue jumped, the oil and gas producer reported a lower-than-expected production outlook, which disappointed investors. On the other hand, mining stocks Core Lithium (ASX:CXO), Champion Iron (ASX:CIA) and Lake Resources (ASX:LKE) closed with strong gains.

The most traded stocks by Bell Direct clients were BHP Group (ASX:BHP), Bowen Coking Coal (ASX:BCB) and Telstra (ASX:TLS).

Overseas, investors monitored market reactions to weak Chinese economic data. China’s industrial output and retail sales data for July missed expectations. Also, China’s central bank cut rates unexpectedly, raising concern over China’s economic recovery. However, European markets still managed to close marginally higher, while US equities rallied as investors prepared for a big week of retail earnings. Wall Street started the session lower with declines in energy and financials, however later rebounded into positive territory as consumer staples, consumer discretionary and communication services moved higher. All three major benchmarks closed in the green.

What to watch today:

  • Following US equities, the SPI futures are suggesting the Australian market will rise 0.32% at the open this morning.
  • In commodities, oil has tumbled to an almost six-month low as industrial production figures in China missed expectations, as China is a top oil importer. This added to the news of OPEC’s expectations of a decline in oil demand and supply increases. So today keep watch of energy producers such as Santos (ASX:STO) and Woodside Energy (ASX:WDS). Gold and iron ore are also trading in the red.
  • Watch the share price movements of these company’s reporting their earnings results today: Life360 (ASX:360), BHP Group (ASX:BHP), EML Payments (ASX:EML), Goodman Group (ASX:GMG) and James Hardie Industries (ASX:JHX).
  • Stocks that are set to go ex-dividend today include Computershare (ASX:CPU), Genworth Mortgage Insurance (ASX:GMA) and GQG Partners (ASX:GQG). Remember that this often sees share prices fall, as investors take their profits.

Trading Ideas:

  • Bell Potter maintain their Buy rating on Beach Energy (ASX:BPT). The company reported EBITDA and NPAT both below Bell Potter’s expectation, however, have a strong, fully funded energy production growth outlook. Bell Potter’s have lowered their price target to $2.30, and at its current share price of $1.64, this implies 40% share price growth in a year.
  • Trading Central have identified a bearish signal in Alumina (ASX:AWC) indicating that the stock price may fall from the close of $1.53 to the range of $1.32 to $1.36 over 21 days, according to the standard principles of technical analysis.

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