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Morning Bell 27 October

Sophia Mavridis
October 27, 2021

Yesterday the Aussie share market closed flat. The Tech sector was the best performer, gaining 1.34%. The worries for BNPL stocks were eased by Macquarie who don’t see an impact on the removal of the no-surcharge rule and kept their outperform rating on Afterpay (ASX:APT). Meanwhile Utilities fell the most.

Casino operators were outperformers yesterday. Crown Resorts (ASX:CWN) rose 8.7%, after receiving approval to continue operating its Melbourne casino, despite regulatory breaches.

Pilbara Minerals (ASX:PLS) also advanced after finalising a joint venture agreement with Korean company POSCO, to operate a lithium conversion facility in South Korea.

Mineral Resources (ASX:MIN) was the worst performer after a quarter update that saw a decline in lithium and iron ore production.

US equities closed higher overnight. Amid strong earnings reports, the Dow rose for the third straight day, the S&P500 rose 0.2% and the Nasdaq also made slight gains. In economic data, US consumer confidence rose in October.

Following US equities, the SPI futures are suggesting the ASX200 will rise 0.05% this morning.

What to watch today:

  • In economic news, a key update on the inflation rate will be released at 10:30am AEDT.
  • Telstra (ASX:TLS) has announced their acquisition of Digicel Pacific and brokers are optimistic on the news. Goldman Sachs has retained its BUY rating. Morgans have an ADD rating and Credit Suisse have an OUTPERFORM rating.
  • (ASX:KGN)’s value has almost halved this year. The stock could potentially fall out of the ASX200 in December’s quarterly rebalance.
  • The oil price is trading 0.8% higher, while gold and coal are trading lower. The seaborne iron ore price is trading slightly higher at US$122.

Trading ideas:

  • Bell Potter maintain their BUY rating on gold mining and production company Regis Resources (ASX:RRL) and have cut their price target from $4.05 to $3.81.
  • Bullish charting signals have been identified in Syrah Resources (ASX:SYR), Pantoro (ASX:PNR) and Nanosonics (ASX:NAN), according to Trading Central.

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