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Morning Bell 16 March

Sophia Mavridis
March 16, 2022

Yesterday, the local market was dragged down by mining stocks, after iron ore futures China’s Dalian market dropped 7% and the iron ore contract for April on the Singapore Exchange dropped 9%. Several Asian markets were down 5-6%, following further lockdowns to contain surging COVID cases in China. More than $50 million people in China have been placed under lockdown in an attempt to achieve the country’s zero COVID-19 strategy.

On the ASX200, materials and energy declined the most, closely followed by the tech sector. Meanwhile, financials closed with the most gains. The stand out stock on the ASX200 was Uniti Group (ASX:UWL), jumping an impressive 27%, before being placed into a trading halt. This was amid speculation that the company is in takeover talks with Vocus Group. The offer is looking to be in the region of $4 to $5. Meanwhile, Chalice Mining (ASX:CHC) and Champion Iron (ASX:CIA) declined the most.

Some of the most traded stocks by Bell Direct clients yesterday, included Lake Resources (ASX:LKE), BHP Group (ASX:BHP) and Allkem (ASX:AKE).

US equities closed higher as a reading of wholesale inflation came in lighter than expected. The S&P500 rose for its first gain in four days, closing more than 2% higher. The Dow Jones up 1.8% or just under 600 points, while the Nasdaq jumped 2.9%.

What to watch today:

  • Following the US, the SPI futures are suggesting the local market will rise 0.58% at the open this morning.
  • In commodities, oil has dropped a further 6.7%, now trading just over US$96, now more than 25% below its recent 14-year high of $130.50 reached last week. The new wave of COVID cases in China has also caused worries of China’s demand.
  • Gold is down to US$1,917 an ounce, after US treasury yields surged past 2%, as investors await an upcoming rate hike from the Fed. And seaborne iron ore is 3.6% lower at US$144.77 a tonne.
  • Some companies set to go ex-dividend today, include Data3 (ASX:DTL), Inghams Group (ASX:ING), and Money3 Corporation (ASX:MNY).

Trading Ideas:

  • Bell Potter have a Speculative BUY rating on Boss Energy (ASX:BOE), following the company reporting its half year results. Bell Potter’s valuation has been increased from $3.47 to $3.57 per share.
  • Trading Central have identified a bullish signal in Aussie Broadband (ASX:ABB), indicating that the price may rise from the close of $5.34 to the range of $6.10 to $6.30, over 58 days, according to the standard principles of technical analysis.

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