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Morning Bell 21 June

Paulina Peters
June 21, 2022

Our local market started the new trading week in the red, extending its losses from last week, to close down 41 points, or 0.6% to 6,433. That marks seven straight days of losses for our market.

The biggest laggard on the market was the energy sector, which declined 5.2%, after oil prices dropped on Friday on worries that interest rate hikes by major central banks could cut energy demand. While the major banks closed in positive territory, outperforming the broader share market.

The best performing stock was Pointsbet (ASX:PBH) after the betting company secured a $94 million investment from SIG Sports. That makes the US investment firm PBH’s largest shareholder. Also performing well was Pinnacle Investment Management (ASX:PNI) and bio-tech company, Imugene (ASX:IMU), both up more than 7%. Meanwhile, the worst performing stocks included lithium producers like Lake Resources (ASX:LKE), uranium miner, Paladin Energy (ASX:PDN) and coal miners like New Hope Corporation (ASX:NHC) and Whitehaven Coal (ASX:WHC).

The most traded stocks by Bell Direct clients yesterday included Lake Resources (ASX:LKE), BHP Group (ASX:BHP) and Fortescue Metals (ASX:FMG).

The US market was closed for the Juneteenth Federal holiday, so let’s look across the sea at how European markets performed. The FTSE index lifted 1.5% as financials and energy rebounded. The German Dax closed 1.1% higher and the French CAC jumped 0.6%.

What to watch today:

  • If you go by the SPI futures, our local market is set for a positive day. The futures are up 0.7% or 45 points.
  • Economic news wise, at 8am AEST, the RBA will be releasing to the media their review of the yield target. Following this, at 10am, Governor Phillip Lowe, will speak about inflation and monetary policy at an event in Sydney and finally, the RBA will also release the minutes from its June meeting at 11:30am. These are all important, as they may give us a sense on how aggressive the RBA will be on raising rates as well as what could happen in the next few months
  • In commodities:
    • Oil prices edged lower on Monday, amid concerns about slowing global economic growth.
    • Gold extended its losses as a rise in the US dollar weighed on bullion demand, with the US market holiday expected to lead to thin trading during the day.
    • The spot iron ore price is trading down at US$125 a tonne.
  • Peter Alexander owner, Premier Investments (ASX:PMV) and chartered accounting company Kelly Partners Group (ASX:KPG) are set to go ex-dividend today.
  • If you hold Virgin Money UK (ASX:VUK), Coronado Global Resources (ASX:CRN) or Oceania Healthcare (ASX:OCA), you will receive your dividend payment today.

Trading Ideas:

  • Bell Potter have maintained its Buy rating on software company, Altium (ASX:ALU), however with a reduced price target, from $41.25 to $34. At its current share price of $25.49, this implies about 33% share price growth in a year.
  • Trading Central has a bearish signal on Origin Energy (ASX:ORG) indicating that the stock price may fall from the close of $5.45 to the range of $3.60 – $4 in the next 98 days according to standard principals of technical analysis.

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