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Morning Bell 17 March

Sophia Mavridis
March 17, 2023

Global markets advanced after Credit Suisse announced that it’ll borrow up to nearly $54 billion from the Swiss National Bank to assure short-term liquidity. Despite concerns weighing on the banking sector, all three US indexes closed in the green, on pace to end the week higher. The Nasdaq was up the most, rallying 2.5%.

Investors also followed the announcement of a further rate hike of 50-basis points from the European Central Bank.

What to watch today:

  • Following the rebound overnight, our local market is set to open 0.39% higher, according to the SPI futures.
  • In commodities, oil has slightly rebounded, following a heavy drop. Oil hit an over one-year low of around US$66 in the prior session. Gold is trading flat, at a strong six-week high, as the risk-off mood continues, while iron ore is on a steady rise, current at its highest level in nine months.
  • While there’s no local economic data out today, tonight we’ll be watching out for the CPI announcement in Europe.

Trading Ideas:

  • Bell Potter maintains a Buy rating on Telix Pharmaceuticals (ASX:TLX) with a price target of $9.00. At TLX’s current share price of $6.86, this implies 31.2% share price growth in a year.
  • Bell Potter have also downgraded their recommendation on Appen (ASX:APX) from a Hold to a Sell, based on valuation, as well as a lack of visibility due to the relatively low level of recurring revenue and uncertainty over customer spend. Bell Potter says the risk to their downgrade is any developments announced when the results of a strategic review are released in May, however they see no quick fix to the lack of visibility. Their price target of $2.25 is now a 13% discount to the share price of $2.60.

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