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Morning Bell 2 November

Bell Direct
November 2, 2020

The Australian share market is eyeing a lift of 0.9% at the open. With one day left until the U.S. election, amid the uncertainty investors exercised caution, with the Dow Jones, S&P500 and Nasdaq losing 0.6%, 1.2% and 2.5% respectively.

Oil holds at a five-month low at US$35.79 on demand concerns with U.S. COVID-19 cases hitting an all time high, while Germany and France entered new lockdowns last week.

What to watch today:

  • AMP (ASX:AMP) confirmed its take-over offer from Ares Management Corporation is for $1.85 per share. On Friday AMP closed at $1.53, so expect a rally today.
  • Westpac (ASX:WBC) reported it full year results, reporting a cash earnings of $2.61b which was less than UBS’s forecast of $2.62b.
  • Results are out today for CSR (ASX:CSR).

Local trading ideas:

  • Bell Potter reiterated Medical Developments (ASX:MVP) as a Buy, but trimmed its price target to $7.50, implying 38% upside in the year. MVP has a new strategy for the green whistle in Europe and hired CSL’s former head of Seqirus as its CEO.
  • Citi reiterated Incitec Pivot (ASX:IPL) as a Buy with a $2.40 price target, expecting fertilisers to drive earnings growth in FY21.
  • Bell Potter reiterated Immutep (ASX:IMM) as a Speculative Buy with a 60 cent target, implying 131% upside in the year.
  • Rio Tinto (ASX:RIO), Mortgage Choice (ASX:MOC) and PKS Holdings (ASX:PKS) are all showing bullish charting signals according to Trading Central.

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