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Morning Bell 26 August

Bell Direct
August 27, 2020

The Aussie share market opened 0.6% lower in the first 10 mins of trade, as the futures predicted. The market continued to fall in the first hour  – with investors digesting weaker than expected financial year report cards, leaving the market sitting 1% lower at 11am.

On the downside:

  • Financial software and advice provider, Bravura (ASX:BVS) is one of the worst performers on the market today – its shares are down 15% dragging BVS almost back to its COVID-19 low. BVS reported a 22% jump in profit but the market is focused on the uncertainty of its new sales.
  • Whitehaven Coal (ASX:WHC) is down 8%, on the back of full year results that were largely in line with estimates.

On the upside:

  • Waste business, Cleanaway Waste Management (ASX:CWY) is the best performing stock so far this session up 8.5% after reporting its revenue rose 2% to $2.33 billion in the year, while all divisions made a profit, beating market expectations.
  • Fintech business, HUB24 (ASX:HUB) is up 6% to $16.26, after hitting a record all-time high earlier today – as Credit Suisse and Citi upgraded the stock overnight, Citi giving HUB a $17.40 target. HUB’s financial results were out yesterday, showing much stronger inflows into the financial platform than expected, something Credit Suisse expects will continue.
  • We are also seeing oil stocks like Oil Search (ASX:OSH) and Cooper Energy (ASX:COE) trading higher after the oil price rose to its highest level in five months US$42.45 on the back of storm-driven output cuts.

Trading ideas:

  • Ship builder, Austal (ASX:ASB) was upgraded by Citi after it handed down its full financial year results – showing an improvement in profitability. Citi upgraded ASB’s earnings estimates by 10%, has a buy rating on the stock and a target of $4.50.
  • Fortescue Metals (ASX:FMG) is now being sold around $18.50, as there’s downside risk to the iron ore price.  FMG has strong free cash flows and is focused on returning surplus cash to shareholders.

Moving to overseas, sentiment is high, for two key reasons, (1) COVID-19 cases are continuing to fall over the month, and (2) the U.S. and Chinese officials reaffirmed the phase one trade deal is on track.

If you look at the U.S. futures  – they’re indicating U.S. equities will mostly open positive, indicating the S&P500 and Nasdaq will rally off Tuesday’s record closes.

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