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Morning Bell 23 May

Sophia Mavridis
May 23, 2022

Over the week the ASX200 gained 1%, with the tech sector in the lead, up 5% week-to-date. On Friday the market gained 1.15%, with most sectors in the green. Only energy and real estate stocks finished lower.

The standout stock on Friday was Chalice Mining (ASX:CHN), jumping 19%.The company received a new set of exploration approvals to expand its existing WA nickel projects. Following this, Bell Potter retained their Speculative Buy rating on CHN with a $12.02 price target. At its current share price of $6.81, this implies 76.5% share price growth in a year. Following CHN on the leaderboard were tech stocks, recovering from prior losses. These included family app Life360 (ASX:360), battery materials and tech company NOVONIX (ASX:NVX) and Afterpay’s parent company Block (ASX:SQ2). Meanwhile Nufarm (ASX:NUF) and Woodside Petroleum (ASX:WPL) declined the most.

The most traded stocks by Bell Direct clients on Friday were Lake Resources (ASX:LKE), CSL (ASX:CSL), BHP Group (ASX:BHP) and BrainChip Holdings (ASX:BRN).

In US equities, the Dow fell for the 8th straight week amid a broader market sell-off. The Dow and the S&P500 both closed flat, while the Nasdaq saw its 7th negative week in a row for the first time since March 2001 and also saw its lowest intraday level since November 2020 on Friday.

What to watch today:

  • The SPI futures are suggesting the Australian market will fall 0.21% at the open this morning.
  • In commodities, the oil price is trading lower, as we wait for news on the potential EU ban on Russian oil. Oil demand however is expected to rebound in China, as authorities in Shanghai lifted some COVID restrictions. Meanwhile gold is trading flat, while seaborne iron ore is in the green.
  • And two companies reporting their earnings results today are Elders (ASX:ELD) and Incitec Pivot (ASX:IPL). So, keep watch of their share price movements today.

Trading Ideas:

  • Bell Potter maintain their Buy rating on Select Harvests (ASX:SHV) and have lowered their price target from $7.40 to $6.95. SHV last closed at $5.99, implying 16% share price growth in a year.
  • Trading Central have identified a bullish signal in The a2 Milk Company, indicating that the stock price may rise from the close of $4.28 to the range of $4.65 to $4.75 over 30 days, according to the standard principles of technical analysis.

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