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Morning Bell 22 March

Paulina Peters
March 22, 2022

The local market started the new trading week with a small loss of 0.2%, breaking its three-day winning streak from last week.

Sectors wise, the market was mixed, with the industrials and healthcare sectors declining the most, both falling over 1%, while the tech sector managed to post a gain of 2.5%.

Block (ASX:SQ2) was the session’s best performer, lifting a massive 9.2%, following another strong session for the company’s US listed shares. Family safety app, Life360 (ASX:360) also performed well, gaining 6.4% and EML Payments (ASX:EML) jumped 6.1%. On the flipside, Western Australian gold explorer, De Grey Mining (ASX:DEG) led the losses, down 7.7%, and Magellan Financial Group (ASX:MFG) also fell after its co-founder Hamish Douglass resigned as an independent director, more than a month after he took medical leave.

The most traded stocks by Bell Direct clients yesterday included Core Lithium (ASX:CXO), REA Group (ASX:REA) and Northern Star Resources (ASX:NST).

As at the time of recording, all three US benchmarks are in the red, and this follows Federal Reserve Chair Jerome Powell stating that inflation is too high and his commitment to taking the “necessary steps” to bring prices under control. Separately, Boeing has fallen more than 3% after a China Eastern Airlines Boeing 737 passenger plane crashed.

What to watch today:

  • The futures as at 7am AEDT, are suggesting that the Aussie share market is set to open 1.1% higher this morning.
  • In commodities, the oil price has jumped more than 7% after European nations considered joining the US in a Russian oil embargo. The WTI crude oil price is currently trading at US$112 a barrel.
  • The gold price is trading higher following further escalations in Ukraine, which have boosted the safe-haven’s demand.
  • The nickel price is down nearly 12%. Russia is the world’s third-largest nickel producer, and the current Russia/Ukraine war has sparked supply fears.
  • The spot iron ore price is currently trading 2.5% higher at US$145 a tonne.
  • Toll road operator, Atlas Arteria (ASX:ALX), Emeco Holdings (ASX:EHL) and health supplements company, Blackmores (ASX:BKL) are set to go ex-dividend today.

Trading Ideas:

  • Bell Potter have maintained its BUY rating on Technology One (ASX:TNE) with a price target of $14 (previously $15). TNE closed about 1% lower yesterday to $11.11, which implies about 26% share price growth in a year.
  • Trading Central has a bullish signal on Galan Lithium (ASX:GLN), indicating that the stock price may rise from the close of $1.54 to the range of $1.75 – $1.81 in the next 21 days according to standard principals of technical analysis.

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