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Morning Bell 29 September

Bell Direct
September 29, 2020
The Aussie market is eyeing a 0.6% or 38-point lift following U.S. rally. Equities rallied for the second session, and started a brand new week in the green, with banking stocks leading the rally. Elsewhere on the street, other deals were being made, which boosted sentiment. Devon Energy and WPX Energy announced their merger is progressing, which sent their shares over 11% higher. The S&P500 rose 1.6%, while the Nasdaq ended rose 1.9%.
What to watch today?
  • The oil price lifted 0.8% to US$40.58, and gold gained 1.1% to US$1,886
  • Following the Federal government’s plan to invest $800 million in improving the government’s digital technologies, and digital face recognition, it’s worth looking at artificial intelligence and face recognition companies. A company to watch in this space is Appen (ASX:APX) and BrainChip (ASX:BRN) that was just added to the tech index.
  • Companies going ex-dividend today include Centuria Industrial REIT (ASX:CIP), Charter Hall Long WALE REIT (ASX:CLW), Cromwell Property Group (ASX:CMW), Centuria Office REIT (ASX:COF), Meridian Energy (ASX:MEZ) and Kirkland Lake Gold (ASX:KLA).
 
Trading ideas:
  • Downer EDI (ASX:DOW) was upgraded to a Buy by UBS with a new $5.00 target. The reason for upgrade is its restructure will deliver $300 million in enhanced cash flows, boosting its yield.
  • The a2 Milk Company (ASX:A2M) was downgraded by Bell Potter to a Sell with a $13.75 target. Revenue is expected to fall with no recovery in the Daigou channel expected yet.
  • Afterpay (ASX:APT), FlexiGroup (ASX:FXL) and Pental (ASX:PTL) are all giving off bullish charting signals – according to Trading Central. Of those Afterpay’s (APT) fundamental calls mirroring Trading Central’s technical analysis, saying it’s shares could rally to $102 to $107, over the next 22 days. Morgan Stanley targets $101 and Bell Potter targets $99.10.

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