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Morning Bell 3 June

Bell Direct
June 3, 2024

Wall St closed higher on Friday as the Dow Jones posted its best day in 2024. The Dow gained 1.52%, the S&P500 rose 0.8% whilst the tech-heavy Nasdaq fell 0.01% to end the trading week.

Over in Europe, markets closed higher to end the month as investors await a rate decision from the European Central Bank. The STOXX600 closed the week 0.28% higher with most sectors closing the week off in the green with utilities jumping over 1% whilst tech fell 1.48%. Germany’s DAX remained flat on Friday, the French CAC gained 0.18% and over in the UK the FTSE100 rose over half a percent.

On the economic data front, Euro Zone inflation rose 2.6% in May, 0.1% higher than the analysts prediction of 2.5%.

Locally on Friday, the ASX200 rose nearly one percent with all but one major sector ending the trading session in the green. Gains were led by the consumer staples and energy sectors which rose 1.91% and 1.77% respectively. This was slightly offset by the real estate sector which fell 0.21% by the closing bell.

What to watch today:

  • The Australian share market is set to open higher, with the SPI futures suggesting a rise of 0.49% at market open this morning.
  • On the commodities front this morning,
    • Oil is trading 0.94% lower at 77 US dollars and 18 cents a barrel as US stockpiles rose by 2 million barrels last week, despite forecasts for a 400,000-barrel draw, indicating week demand.
    • Gold is trading 0.72% lower at 2327 US dollars an ounce and iron ore is trading 0.09% lower at 117 US dollars and 52 cents a tonne.

Trading Ideas:

  • Bell Potter has upgraded its rating of Brickworks (ASX:BKW) to a buy and has a 12-month price target of $29.50. The buy rating is maintained by Bell Potter as it is their opinion that the biggest driver of value in the BKW valuation is the company’s 26% shareholding in Washington H. Soul. Pattinson which is estimated to be around 50% of the current enterprise value of the business. Bell Potter’s market valuation on SOL shows a 3.6% discount, hence the rating has been upgraded to a buy.
  • Trading Central has identified a bullish signal on NRW Holdings (ASX:NWH), indicating the stock price may rise from the close of $3.08 to the range of $3.28-$3.34, on a pattern formed over 25 days, according to the standard principles of technical analysis.

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