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Morning Bell 2 November

Sophia Mavridis
November 2, 2022

The market wasn’t too fazed by the RBA’s 25 basis point rate hike yesterday, as the ASX rallied 1.65% higher. All industry sectors closed with gains, with Materials, utilities and real estate in the lead.

Biotech company Imugene (ASX:IMU) was the best performing stock following a clinical trial update, with IMU gaining 11.4% by the close of trade. Nickel Industries (ASX:NIC), United Malt Group (ASX:UMG) and GrainCorp (ASX:GNC) also closed higher.

The most traded stocks by Bell Direct clients yesterday were Commonwealth Bank (ASX:CBA), Northern Star Resources (ASX:NST) and Telstra (ASX:TLS).

US equities closed in the red overnight, as investors await the Federal Reserve’s meeting on Thursday. The Dow Jones closed 0.2% lower, the S&P500 down 0.4% and the Nasdaq down 0.9%.

What to watch today:

  • The futures are suggesting the Australian market will open flat this morning, as investors wait for the Fed’s decision tomorrow morning.
  • In commodities, the price of oil has rebounded and is currently trading 2.2% higher as a sharp depreciation of the US dollar and tight global supplies sparked some dip-buying. Gold is trading 0.9% higher as bond yields retreated, while iron ore has fallen 2.4% extending its decline and hitting its lowest level since April 2020.
  • Watch the following stocks share price movements today, as these companies are set to release some announcements. Amcor (ASX:AMC) will release its quarterly earnings today and Goodman Group (ASX:GMG) will also deliver a quarterly report. Domino’s Pizza (ASX:DMP) is set to hold its AGM today.
  • Event Hospitality and Entertainment (ASX:EVT) is set to go ex-dividend today, so this may see its share price fall as investors take their profits.

Trading Ideas:

  • Bell Potter maintain a Speculative Buy rating on Cluey (ASX:CLU) following the release of the company’s quarterly update, with group key metrics broadly in-line with Bell Potter’s expectations. They have lowered their 12-month valuation from $1.10 to $0.90, and at CLU’s current share price of $0.50, this implies 78.2% share price growth in a year.
  • And Trading Central have identified a bullish signal in Qantas (ASX:QAN) indicating that the stock price may rise from the close of $6.00 to the range of $6.75 to $6.90 over 9 days, according to the standard principles of technical analysis.

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