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Morning Bell 19 September

Sophia Mavridis
September 19, 2023

Well, a renewed focus on the outlook for interest rates meant that there wasn’t much movement in US equities overnight. Investors are awaiting the Fed’s policy meeting that’s scheduled for tonight in the US, with the market expecting the central bank stays put when it releases its rate decision on Wednesday. Also, on Wednesday in the US, the Fed will release its market forecasts.

Overnight, although we didn’t see much movement, the three major US benchmarks all closed in the green, inching slightly higher by the close.

It was a different story over in Europe however, with markets closing sharply lower to start the trading week. The STOXX 600 declined 1.2%, with all sectors in negative territory, with healthcare, travel and banks falling the most. Germany’s DAX, France’s CAC, and the FTSE 100 all closed in the red.

What to watch today:

  • Our local share market is set to open lower this morning, with the SPI futures suggesting a 0.29% drop at the open this morning.
  • In economic news, the RBA will release the minutes for its September meeting today. This was the final meeting under Governor Philip Lowe, when the central bank announced an extension of the rate pause for the third month in a row, in line with market consensus. The RBA also stated that inflation had passed its peak, however readings remain high, emphasising that further monetary tightening may be required to bring inflation back to the target range.
  • Looking at commodities now,
    • Crude oil is trading higher and is hovering at the highest levels in more than ten months, as expectations of a widening market deficit in Q4, following more supply cuts in Saudi Arabia and Russia. There are also hopes of a Chinese demand recovery. So, keep watch of ASX- listed energy producers today.
    • Gold is also trading in the green, rising for the third straight session, so keep watch of gold mining stocks as well.
    • And iron ore is up 2.5% and has reaches its highest level since March 31st at US$125.50 per tonne, off the back of expectations of stronger demand in China.

Trading Ideas:

  • Bell Potter maintains a Buy rating on Vitura Health (ASX:VIT). The company is a market leader in the distribution of medicinal cannabis products in Australia. Bell Potter says that whilst there are an increasing number of smaller distributors entering the space, Vitura holds significant market share and is ideally positioned to capture this industry growth. Their price target is $0.70, and at the current share price of $0.33, this implies 112% share price growth in a year.
  • And Bell Potter have initiated coverage of Burgundy Diamond Mines (ASX:BDM). Their key asset is the Ekati Diamond Mine located in Canada’s Norwest Territories, which was developed by BHP in the late 1990s, and was ranked top 10 of global diamond mines by volume. It’s a highly strategic asset in the global luxury goods value chain. Bell Potter’s price target is $0.50 and at BDM’s current share price of $0.18, this implies 170% share price growth in a year.

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