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Morning Bell 22 August

Grady Wulff
August 22, 2022

The local market closed just 1 point higher on Friday but gained just over 1% for the week led by the materials sector jumping more than 3.4% for the week. The energy sector had its best session in months with energy stocks boosted by the passing of the US Inflation Reduction Act last week.

Investors piled into Santos (ASX:STO) on Friday with the energy giant jumping more than 6% a day after releasing its first-half results including NPAT surging over 300% and revenue up 85%. Whitehaven Coal (ASX:WTC) also added over 6% on Friday while New Hope Corporation (ASX:NHC) and BHP Group (ASX:BHP) each gained over 4% during the session.

On the losing front, TPG Telecom (ASX:TPG) took the biggest hit on Friday, tumbling more than 12% after the telco giant released first half results that were uneventful including service revenue coming in flat, average revenue per user up just 1%, and EBITDA down 5.3%. Inghams (ASX:ING) also fell over 9% and PointsBet (ASX:PBH) lost over 6.5%.

The most traded stocks by Bell Direct clients last week were IPH Limited (ASX:IPH), Worley (ASX:WOR) and Domino’s Pizza (ASX:DMP).

Over in the US, all three key indices closed lower on Friday. Investors took the latest minutes as the Fed being more hawkish about its approach to tackling inflation in the world’s largest economy, and fear another aggressive interest rate hike will follow in the September FOMC meeting.

What to watch today:

  • The ASX is expected to open lower following a turbulent session on Wall Street on Friday.
  • We are set for another bumper earnings season this week with over 115 companies set to report including Qantas (ASX:QAN), Ampol (ASX:ALD) and the Star Entertainment Group (ASX:SGR).
  • In commodities, oil has rebounded from last week’s dip to trade 0.3% higher this morning, iron ore is trading flat, natural gas is up just under 1% and gold is trading more than half a percent lower.
  • Economic news wise, investors will be keeping a close eye on US GDP data out later in the week to see whether the world’s largest economy continued to contract into a recession or rebounded to growth in the second quarter to ease recession fears currently plaguing the market.

Trading Ideas:

  • Trading Central has identified a bullish signal on Red Dirt Metals (ASX:RDT) indicating the stock price may rise from the close of $0.49 to the range of $0.61-$0.63 over the next 48 days which was the amount of time the pattern took to form according to the standard principles of technical analysis.
  • Bell Potter has reduced its target share price on Inghams Group (ASX:ING) to $2.90 following the release of the poultry group’s FY22 results including elevated costs and adverse sales mix.
  • Trading Central has a bearish signal on Adairs (ASX:ADH) with a target price range of $1.65-$1.85, down from the close of $2.55, which may be achieved over the next 40 days according to standard principles of technical analysis.

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