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Morning Bell 31 January

Sophia Mavridis
January 31, 2022

After broad selling across the market as the US Fed signalled rate rises, the local market rebounded on Friday, ending the week on a positive note. The market was boosted by positive earnings results in the US, with Atlassian and Apple providing strong quarterly earnings.

The ASX closed over 2% higher, with Imugene (ASX:IMU) in the lead. The biotech company gained 10.5% to $31.50, after announcing a new supply agreement with Swiss pharmaceutical company Roche. Meanwhile, gold miners were among the worst performers on Friday, as the price of gold dropped below US$1,800 an ounce. Ramelius Resources (ASX:RMS) fell to a 4-month low, down 8%, while Newcrest Mining (ASX:NCM) fell 6.4%. Both companies also reported quarterly results on Friday.

The most traded stocks by Bell Direct clients on Friday included BHP (ASX:BHP) and Rio Tinto (ASX:RIO) as the price of iron ore edged higher, in preparation for an increase in demand following the Beijing Winter Olympics.

European stocks saw their fourth straight week of losses, while US equities ended the week with gains. The Dow had its best day of 2022, up 1.65%. The S&P500 added 2.4% and Wall Street also saw a tech-led rally, with the Nasdaq gaining over 3%.

Despite the rally on Wall Street, the SPI futures are suggesting the ASX200 will drop 0.23% at the open this morning.

What to watch today:

  • Oil is trading above US$87 a barrel, supported by fears of supply disruptions due to geopolitical risks in Ukraine. Additionally, the market is awaiting OPEC’s meeting next week. So watch energy producers Woodside Petroleum (ASX:WPL) and Santos (ASX:STO).
  • The gold price has dropped below US$1,800 an ounce as the dollar and treasury yields jumped following the Fed’s hawkish updates.
  • The seaborne iron ore price is higher, trading above US$130 a tonne.
  • Pilbara Minerals (ASX:PLS) will release their second quarter update today. We will be looking at whether the company achieved its shipment guidance, as well as pricing with reports of record lithium price levels.
  • Gold Road Resources (ASX:GOR) will release its quarterly production report and IGO (ASX:IGO) will release its earnings result.

Trading Ideas:

  • Bell Potter maintain their BUY rating on National Australia Bank (ASX:NAB) with a $31 price target. NAB last closed at $27.25, implying 13.8% share price growth in a year.
  • Trading Central have identified a bullish signal in Breville (ASX:BRG), indicating that the stock price may rise from the close of $27.52 to the range of $32.75 – $34.00. The pattern formed over 18 days which is roughly the period in which the target price range may be achieved, according to standard principles of technical analysis.

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