Morning Bell 24 September

Sophia Mavridis
September 24, 2021

In overseas markets, the Bank of England and the US Fed kept monetary policy unchanged. European stocks closed higher, with the STOXX 600 index closing 0.9% higher. And all three major US indices closed in the green.

Following the broad gains in European and US markets, the SPI futures are suggesting the ASX200 will open 0.11% higher.

What to watch today:

  • Companies going ex-dividend today include Atlas Arteria (ASX:ALX), Bank South Pacific (ASX:BFL) and Sigma Healthcare (ASX:SIG).
  • The most traded stocks yesterday by both Bell Direct and our advised clients. They were BHP (ASX:BHP) and Fortescue Metals (ASX:FMG), after the iron ore price rebounded. The aftermath of Chinese developer Evergrande securing a deal to avoid default caused a spike in iron ore demand.
  • The iron ore price pushed above US$100, after this week hitting its 2021 year low. The bulk commodity increased 16.8% yesterday. The iron ore price is now trading 0.2% lower at the time of recording. Global steel output also declined.
  • The gold price has plunged more than 1% to US$1,745 an ounce, and the oil price gained 1.4% to US$73.30 a barrel, at its highest level since the beginning of August, boosted by growing fuel demand.

Trading ideas:

  • Bell Potter have upgraded their rating on Premier Investments (ASX:PMV) from a HOLD to a BUY, and have increased their 12-month price target to $31.25 (previously $26.10). The investment company delivered strong full year 2021 results, despite the impact of the lockdowns. PMV closed at $27.63 yesterday, implying 13.1% share price growth in a year.
  • Bullish charting signals have been identified in PointsBet Holdings (ASX:PBH), Charter Hall Group (ASX:CHC) and Omni Bridgeway (ASX:OBL), according to Trading Central.

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