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Morning Bell 29 June

Sophia Mavridis
June 29, 2022

The benchmark ASX200 index posted its fourth consecutive day of gains, up 0.9% at the close. The strongest sectors were energy, utilities and materials, gaining over 3%, while the consumer discretionary sector declined.

Mining stocks advanced as oil futures rallied higher on reports that the G7 Nations are wanting to lift output, however Saudi Arabia is reluctant. Energy producers including Woodside Energy (ASX:WDS) and Beach Energy (ASX:BPT) were among the best performers, as well as the iron ore majors BHP Group (ASX:BHP), Rio Tinto (ASX:RIO) and Fortescue Metals (ASX:FMG). And gold miners were also in the green, recovering from the heavy falls we saw in gold stocks the previous session.

Leading the ASX200 was Collins Foods (ASX:CKF). The KFC merchant released its full year results which saw strong gains in NPAT and sales. CKF closed 11.5% higher.

The most traded stocks by Bell Direct clients yesterday were Link Administration (ASX:LNK), Amcor (ASX:AMC), Commonwealth Bank (ASX:CBA) and Woodside Energy (ASX:WDS).

Overseas, European stocks closed slightly higher, although investor sentiment continues to struggle. Also, consumer confidence in Germany is projected to slide to a new record low in July. In New York, US equities declined with all three major benchmarks closing in the red. The benchmarks were rising earlier in the session, however turned direction after a disappointing consumer confidence index reading that came in below estimates. The Dow Jones closed down 1.6%, the S&P500 down 2%, while the Nasdaq dropped 3%.

What to watch today:

  • The local market is set to drop 1.26% at the open this morning, according to the Bloomberg SPI futures. This follows the decline in equities in the US overnight.
  • ASX tech stocks took a hit yesterday, and are looking to decline further today, following the Nasdaq’s lead. The Nasdaq moved toward its lowest three-month period since 2008.
  • In commodities, oil has rebounded, now trading around US$111 per barrel. Gold is trading lower, while iron ore has rallied on solid demand prospects, amid easing COVID restrictions in China’s major cities.
  • Watch (ASX:CAR) as its due to return from a trading halt this morning. The company has raised $1.2 billion at a 14.5% discount to its share price.
  • Watch Megaport (ASX:MP1) amid speculation that the company is a potential takeover target.
  • There are over 30 stocks going ex-dividend. Remember this often sees shares fall as investors take their profits.

Trading Ideas

  • Bell Potter maintain a Speculative Buy rating on 4D Medical (ASX:4DX), a software company commercialising its patented imaging platform. They’ve just signed a 3-year contract with I-MED Radiology Network which is the largest medical imaging provider in Australia. And the contact is for the provision of XV Technology which involves imaging systems for lung functions. Bell Potter raised their price target from $0.63 to $0.65, and at its current share price of $0.46, this implies 41.3% share price growth in a year.
  • Trading Central have identified a bullish signal in CSL Limited (ASX:CSL), indicating that the stock price may rise from the close of $274.03 to the range of $292 to $295 over 18 days, according to the standard principles of technical analysis.

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