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Morning Bell 25 May

Paulina Peters
May 26, 2022

Yesterday, the ASX200 managed to lift 0.4% or 26 points higher to close at 7,155 points, despite the threat of rising interest rates and inflationary pressures again leading to a heavy tech sell-off.

Consumer staples stocks led the way, with the sector lifting 1.5%. Financials also performed well with all four of the big banks posting gains of over 1%. While, the worst performing sector was the tech sector, which fell about 3%.

The best performer yesterday was Australia’s largest horticultural company, Costa Group Holdings (ASX:CGC) which closed 8.6% higher. This followed its shareholders receiving a cautiously optimistic outlook for the 2022 financial year in its AGM yesterday. CGC expects its earnings to be $5 million higher this year while its after tax profit is predicted to fall $6.4 million. Other stocks that posted gains included Nufarm (ASX:NUF), Perseus Mining (ASX:PRU) and Orica (ASX:ORI).  Meanwhile, Chalice Mining (ASX:CHC), City Chic Collective (ASX:CCX) and Pro Medicus (ASX:PME), all posted losses of around 6%.

The most traded stocks by Bell Direct clients yesterday, they included BHP Group (ASX:BHP), Lake Resources (ASX:LKE), Bank of Queensland (ASX:BOQ) and BrainChip (ASX:BRN).

Moving to the US, all three benchmarks closed higher. The Dow closed 0.6% higher, the S&P500 up 1% and the Nasdaq pushed 1.5% higher. The minutes of the Federal Reserve’s May meeting were released, and they showed that the central bank is prepared to raise rates further than the market had anticipated.

What to watch today:

  • Following the positive session in the US, the SPI futures are suggesting that our local market is set to open 0.2% higher this morning.
  • Reporting wise, iron ore miner, Champion Iron (ASX:CIA) is set to release its full-year results today. Goldman Sachs is expected CIA to report both revenue and EBITDA increases of 14% and 12.8% respectively over the prior corresponding period.
  • Moving to commodities:
    • The oil price lifted 1% to US$110 a barrel. Natural gas surged to above $9, its highest level since 2008, as inventories stay low.
    • The gold price fell as the US dollar strengthened after the minutes of the Federal Reserve’s May meeting.
    • The spot iron ore price is trading 1.5% lower at US$130 a tonne.
  • One company debuting on the ASX today is TG Metals. The company is pursuing nickel, lithium and gold exploration and development opportunities in Western Australia. It will be trading under the ticker code TG6.
  • A few companies going ex-dividend today include Aristocrat Leisure (ASX:ALL), James Hardie Industries (ASX:JHX) and Nufarm (ASX:NUF).
  • If you hold Bank of Queensland (ASX:BOQ), you will receive your dividend payment today.

Trading Ideas:

  • Citi have maintained its Buy rating on Bank of Queensland (ASX:BOQ) but have reduced its price target from $10.25 to $9.25. At its current share price of $7.52, this implies 23% share price growth in a year.
  • Trading Central has a bearish signal on BHP Group (ASX:BHP) indicating that the stock price may fall from the close of $43.02 to the range of $33.50 – $35.25 in the next 89 days according to standard principals of technical analysis.

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