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Morning Bell 18 May

Sophia Mavridis
May 18, 2022

The local market yesterday closed with a gain of 0.27%. Energy stocks lead the ASX200, up more than 2% at the close, as oil prices rallied in response to Shanghai’s reopening, and as investors await developments around a proposed EU ban on Russian oil. Utilities and materials also closed in positive territory, as did the financials, with the major banks all higher.

The 10 best performing stocks on the ASX200 yesterday included energy stocks like Beach Energy (ASX:BPT) and Whitehaven Coal (ASX:WHC), both gaining around 6%. The best performer yesterday was Lynas Rare Earths (ASX:LYC), its share price seeing some recovery this week, after last week falling to a year-to-date low of $8.37, however is now trading at $9.42. This was despite no news from the company that would be price sensitive. However, yesterday the materials index closed just over 1% higher, which boosted LYC’s share price. Meanwhile, logistics company, Brambles (ASX:BXB), was the worst performing stock on Tuesday after confirming they’ll not be moving forward with the proposal from private equity company CVC Capital Partners, which sent BXB’s shares into reverse. Shareholders took their profits as BXB fell 8% yesterday.

The most traded stocks by Bell Direct clients yesterday included Whitehaven Coal (ASX:WHC), Lynas Rare Earths (ASX:LYC), Lake Resources (ASX:LKE), BHP Group (ASX:BHP) and Westpac (ASX:WBC).

It was a strong trading session in New York overnight, as US equities were in positive territory. The Dow Jones up 1.3%, the S&P500 up 2% and the Nasdaq rallying 2.8%.

What to watch today:

  • Following US equities, the ASX200 is set to rise, with the SPI futures suggesting the market will lift 0.98% at the open this morning.
  • In commodities, oil is currently trading flat. There are hopes that Venezuela could supply more oil to the market, after the US extended a limited license for Chevron, which is an oil company that operates in Venezuela, allowing them to maintain operations. There have also been negotiations for future business, temporarily lifting a ban on such discussions. Additionally, a pullback in the US dollar supported bullion demand, but the gold price is slightly lower, while seaborne iron ore is also trading in the red.
  • In economic data, today the wage price index for the first quarter will be released at 11:30am AEST, expected to rise to 2.5% year-over-year from 2.3% in Q4 2021.
  • Watch Eagers Automotive (ASX:APE) and Telix Pharmaceuticals (ASX:TLX) as both companies will hold their AGMs today.
  • Watch Aurora Energy Metals (ASX:1AE) as it lists on the ASX today.

Trading Ideas:

  • Bell Potter maintain their Buy rating on Pendal Group (ASX:PDL), following a strong set of H1 results that were ahead of Bell Potter’s expectations. Bell Potter have increased their FY22 estimates due to the strong revenue and lower costs and have increased their price target to $6.80. PDL last closed at $5.08, implying 35.8% share price growth in a year.
  • Trading Central have identified a bullish signal in Emerald Resources (ASX:EMR), indicating that the stock price may rise from the close of $1.12 to the range of $1.33 to $1.39 over 20 days, according to the standard principles of technical analysis.

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