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Morning Bell 28 March

Sophia Mavridis
March 28, 2022

On Friday the ASX200 closed 0.26% higher and rose to a two-month high at 7,406 points, supported by a rise in metal and energy prices. Seven of the eleven sectors closed in the green, with materials and utilities in the lead. Healthcare stocks led the market losses.

On the ASX200 leaderboard, BlueScope Steel (ASX:BSL) was the top performer, rising over 5% to $21.46, boosted by the rising price of steel. The steel price is higher due to the Russia-Ukraine war and China’s COVID lockdown. Meanwhile, Telix Pharmaceuticals (ASX:TLX) declined the most. The company made two announcements last week: firstly, that it has begun developments of its Belgian radiopharmaceutical production facility, and secondly, that one of its clinical trials has progressed to the next stage. Although positive announcements, its share price remained in the red.

The most traded stocks by Bell Direct clients on Friday included Lake Resources (ASX:LKE), which has gained 85% this month, since the 1st of March. Aurelia Metals (ASX:AMI) was also highly traded, as investors sold shares in the gold miner after it announced lower grades of mineralisation in the Dargues Gold Mine. Core Lithium (ASX:CXO) is also lower after announcing the resignation of its CEO, Stephen Biggins.

Global markets continue to track negotiations over the Russia-Ukraine war. European stocks closed slightly higher, and in US equities, the Dow was up 0.4%, the S&P500 up 0.5%, posting its second consecutive winning week, while the Nasdaq was slightly lower, down 0.2%.

What to watch today:

  • The ASX200 is set to rise 0.45% at the open this morning, if you’re going by the SPI futures.
  • In economic news, retail sales data for February will be released today, as well as ANZ’s data on job advertisements for March.
  • In commodities, oil turned positive on Friday, trading at US$113.90 a barrel on reports of a missile strike and fire at the Saudi Aramco facility.
  • Gold has steadied at approximately US$1,960 an ounce, after jumping the two previous sessions. And seaborne iron ore is higher, trading just under US$150 a tonne.
  • Companies that are set to go ex-dividend today include Cochlear (ASX:COH) and Reece (ASX:REH).

Trading Ideas:

  • Bell Potter have a Speculative Buy rating on DGO Gold Limited (ASX:DGO), recognising the higher level of risk and volatility of returns. The company has prospective operations and cash flows and Bell Potter have lowered their valuation from $4.47 to $4.41. DGO last closed at $2.63, implying 68% share price growth in a year.
  • Trading Central have identified a bullish signal in Charter Hall (ASX:CHC), indicating that the stock price may rise from the close of $15.99 to the range of $17.90 to $18.30, over 40 days, according to the standard principles of technical analysis.

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