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Morning Bell 30 July

Bell Direct
July 30, 2020

The Aussie share market is eyeing a gain of 0.9% at the open, following a positive night for U.S. equities and commodities.

Overnight in the U.S., the Federal Reserve kept interest rates on hold at 0.25% as most expected.

Companies reporting today:

  • CIMIC (ASX:CIM) – half year results
  • Fortescue Metals (ASX:FMG) – quarterly production

What to watch today:

  • Rio Tinto (ASX:RIO) reported half year results after market close yesterday with its earnings dropping less than UBS expected.
  • Macquarie (ASX:MQG) holds its AGM today.
  • Building permits are out for June, expected to recover from -16% and show a rise of 1.5%. So watch building supplies companies like CSR (ASX:CSR) and Brickworks (ASX:BKW).
  • In the U.S. tonight, we’ll learn how much the economy fell in the second quarter, with growth estimated to fall from -5% in Q1 to -34.1% in Q2.

Local trading ideas:

  • Bell Potter upgraded family tracking and safety app, Life 360’s (ASX:360) buy rating and price target to $5.20, implying 60% share price growth from yesterday’s close price of $7.99. This month its shares recovered from its COVID-19 losses after gaining 59%. Life360 delivered maiden positive quarterly cash flows, a US$6.9 million turnaround due to tight cost controls and resilient subscription numbers during the lockdowns.
  • Bell Potter also upgraded Aussie car dealership giant, A.P Eagers’ (ASX:APE) buy rating and price target to $9.00, implying 13% share price growth from yesterday’s close price of $33.61. APE held its AGM yesterday, announcing first half profit before tax of $40.3 million, which was stronger than expectations. Its corporate debt was $7.6 million, far less than expected, emphasising APE’s strong management.
  • Following APRA’s capital management guidance released yesterday, easing restrictions around paying dividends, Bell Potter reiterated ANZ (ASX:ANZ), CBA (ASX:CBA) and NAB (ASX:NAB) as buys, reiterating holds for Westpac (ASX:WBC), Bendigo & Adelaide Bank (ASX:BEN) and Bank of Queensland (ASX:BOQ).

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