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Morning Bell 21 July

Bell Direct
July 21, 2023

US equities closed mixed in New York overnight. The Dow Jones gained more than 100 points or 0.47% to notch its first 9-day rally since 2017. A rally came after better-than-expected results from Johnson and Johnson. However, the broader market suffered after post-earnings declines in trader favourites Netflix and Tesla. The S&P500 slipped 0.7%, while the Nasdaq tumbled more than 2%.

What to watch today:

  • The SPI futures are suggesting that our local market will rise 0.08% at the open this morning.
  • In commodities,
    • Crude oil is up 0.6%, approaching US$76 per barrel, after facing heightened volatility in recent sessions, as investors continued to weigh outlook for the oil market for the rest of this year.
    • Gold is hovering at its strongest levels in two months as easing US inflation raised hopes that the Federal Reserve is close to the end of its current monetary policy tightening cycle. So keep watch of ASX gold miners today.
    • And iron ore is currently trading flat, hovering close to a three-month high at US$116.50 per tonne, as markets continued to weigh on Chinese resource demand. So also keep watch of iron ore miners, including Grange Resources (ASX:GRR), Mineral Resources (ASX:MIN) and Fortescue Metals (ASX:FMG).
  • Companies to watch today include Atlas Arteria Group (ASX:ALX) and Coronado Global Resources (ASX:CRN), both set to release quarterly reports today.

Trading Ideas:

  • Bell Potter maintains its Speculative Buy rating on Pentanet (ASX:5GG). The telecommunications carrier and cloud gaming provider released a Q4 update with FY23 revenue and gross profit growth in line with Bell Potters expectations. They have upgraded their valuation to $0.14 on improving cost performance. At 5GG’s current share price of $0.09, this implies 42.9% share price growth in a year.
  • And Bell Potter also maintains a Buy rating on Select Harvest (ASX:SHV) and maintain their $5.50 price target, which implies 31% share price growth in a year.

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