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Morning Bell 23 May

Bell Direct
May 23, 2024

Wall St closed lower overnight as the minutes from the Federal Reserve’s May meeting raised investor concerns of persistent inflation, displaying the central bank may not cut rates anytime soon. The Dow Jones fell over half a percent, the S&P500 lowered 0.27% and the tech-heavy Nasdaq ended the trading session down 0.18%.

Over in Europe, markets followed Wall St, ending Wednesdays trading session lower. The STOXX600 fell 0.37% with all sectors ending in the red. Losses were led with autos stocks which dropped 1.3% and oil and gas stocks declining 1.2%. Germany’s DAX lost 0.25%, the French CAC closed 0.61% lower and over in the UK the FTSE100 fell 0.55%.

Locally yesterday, the ASX200 ended Wednesday’s trading session marginally lower, down 0.05%. Losses were led by the communication services and consumer discretionary sectors which fell 2.54% and 1.37% respectively. This was offset by the utilities sector which rallied 0.9% yesterday.

What to watch today:

  • The Australian share market is set to open lower, with the SPI futures suggesting a fall of 0.94% at market open this morning.
  • On the commodities front this morning,
    • Oil is trading 1.79% lower at US$77.25/barrel following a surprise rise in US crude stockpiles of 1.825 million barrels last week.
    • Gold is trading 1.77% lower at US$2378/ounce and iron ore is trading 0.28% higher at US$117.57/tonne.

Trading Ideas:

  • Bell Potter maintains a buy rating on MedAdvisor (ASX:MDR) and has increased its 12-month price target to $0.49. The buy rating is maintained by Bell Potter following the release of a positive trading update including revenue levels of $120m-$123m, implying 22% to 26% growth on the prior corresponding period and an EBITDA of $6.8m-$7.6m following a loss of $3m in its prior corresponding period. This has increased revenue forecasts in FY24/25/26, hence the buy rating is maintained.
  • And Trading Central has identified a bullish signal on Computhershare (ASX:CPU), indicating that the stock price may rise from the close of $26.97 to the range of $34.25-$36, on a pattern formed over 478 days, according to the standard principles of technical analysis.

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