Morning Bell 25 June

Sophia Mavridis
June 25, 2021

US equities rose overnight after President Joe Biden settled on an infrastructure deal, which is to include $579 billion in spending. All three US equity benchmarks closed higher.

Yesterday, the ASX200 closed in the red, down 23 points, in a session where Woolworths (ASX:WOW) demerged from Endeavour Group (ASX:EDV) who own liquor chains Dan Murphy’s and BWS.

However, following the positive night in the US, the Aussie share market is set to open 0.7% higher.

What to watch today:

  • Travel companies as they continue to underperform due to the current uncertainly amid rising COVID-19 cases in NSW. Premier Gladys Berejiklian reintroduced restrictions this week, and Queensland has shut their border to NSW. So keep an eye on travels stocks such as Flight Centre (ASX:FLT), as well as Qantas (ASX:QAN) which was down almost 2% yesterday.
  • The gold price dipped 0.2% as the mixed Fed outlook puts investors on edge, copper was also down 0.2%, and iron ore is trading 0.02% lower.
  • The oil price however, pushed higher, up 0.3%, so watch energy producers such as Woodside Petroleum (ASX:WPL) and Santos (ASX:STO).
  • The most traded stocks by Bell Direct clients yesterday were Woolworths (ASX:WOW), Afterpay (ASX:APT) and CSL Limited (ASX:CSL).

Trading ideas:

  • Bell Potter have reiterated their BUY recommendation on Acrow Formwork and Construction Services (ASX:ACF), with an increased price target at $0.46. Bell Potter’s positive view towards ACF is based on their leverage to civil infrastructure markets and their transition away from the commoditised residential scaffolding market.
  • Bell Potter have also initiated Tulla Resources (ASX:TUL) as a Speculative BUY. They are a gold development and mineral exploration company. TUL closed yesterday at $0.46 implying 97.8% share price growth.
  • Kogan (ASX:KGN), Appen (ASX:APX) and Alcidion Group (ASX:ALC) are all giving off bullish charting signals according to Trading Central.

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