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Morning Bell 19 January

Sophia Mavridis
January 19, 2022

The local market closed 0.1% lower yesterday. While materials lead the market, the healthcare sector declined the most.

Biotech company Imugene (ASX:IMU) rallied 7%, closely followed by JB Hi-Fi (ASX:JBH), who reported a better-than-expected first-half trading update. Total sales managed to rise, while net profit fell 9.5%. JBH closed yesterday at $49.84 and Bell Potter maintain their HOLD rating on the stock, while Morgans upgraded from a HOLD to an ADD.

Pointsbet (ASX:PBH), Virgin Money (ASX:VUK) and Zip (ASX:Z1P) were among the worst performers yesterday.

Some of the most traded stocks by Bell Direct client yesterday included Lake Resources (ASX:LKE), APA Group (ASX:APA) and BrainChip (ASX:BRN).

European stocks closed lower as investors reacted to developments in the oil and bond markets. Oil and gas shares gained the most, off the back of a surge in oil prices amid rising tensions in the Middle East. And global markets have been watching the Fed, as they’re expected to hike interest rates and tighten monetary policy. And as US bond yields rose on Tuesday, the tech sector suffered. The Nasdaq down 2.3%, its lowest level in 3-months and down 10% from its most recent high. The Dow was down 1.4% and the S&P500 down 1.7%. The US market was weighed down by Goldman Sachs shares, which dropped 7% after the bank reported fourth-quarter earnings which missed analyst expectations. Meanwhile, the 10-year yield rose to a 2-year high.

Following New York, the SPI futures are suggesting the local market will fall 1.04% at the open.

What to watch today:

  • Oil is trading higher at US$86 a barrel, boosted by tight supply and geopolitical tensions in the Middle East.
  • Gold is trading slightly lower at US$1,813, easing from recent highs after the 10-year Treasury yield rose to pre-pandemic highs this week.
  • The seaborne iron ore price is trading 1.2% higher at US$127 a tonne.
  • Economic data to look out for today is the consumer confidence index for January, which will be released at 9:30am this morning. It’s expected to decline amid concerns of the rapidly spreading Omicron variant.
  • BHP (ASX:BHP), Lynas Rare Earths (ASX:LYC) and Woodside Petroleum (ASX:WPL) are set to release their fourth quarter production reports today.
  • Alternative Investment Trust (ASX:AIQ), Kelly Partners Group (ASX:KPG), and Plato Income Maximiser (ASX:PL8) and set to go ex-dividend today.

Trading Ideas:

  • Bell Potter maintain their BUY rating on Life360 (ASX:360) and have decreased their price target from $16.25 to $15. Next Thursday Life360 will report and Bell Potter expect the company to have achieved all key 2021 guidance metric.
  • Trading Central have identified a bullish signal in NOVONIX (ASX:NVX). This bullish signal indicates that the stock price may rise from the close of $10.21 to the range of $14.50 – $15.50. The pattern formed over 34 days which is roughly the period of time in which the target price range may be achieved, according to standard principles of technical analysis.

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