Morning Bell 31 March

Bell Direct
March 31, 2021

The Aussie market is set to open higher, around 0.8%, which defies the losses that were seen over on Wall Street.

Major tech shares were in the red after the 10-year Treasury yield reached its highest level since January 2020. Both Apple and Microsoft led the losses. They both fell about 1%.

What to watch today:

  1. Building permits for February are out today at 11:30am.
  2. The Oil price dipped 1.6% to US$60.55. This comes as the Suez Canal reopened to traffic and the dollar rallied. Focus in the market now shifts to a meeting between oil-producing nations where its expected that the supply curbs will be extended given dim demand prospects.
  3. The Gold price slipped nearly 2%. The firmer dollar, higher Treasury yields and hopes for a faster US economic recovery has dampened demand in the safe-haven asset.
  4. As for the most traded stocks yesterday from our active trader desk, Bell Direct Advantage they were: Byrah Resources (ASX:BYH), 88 Energy (ASX:88E), and Digital Wine Ventures (ASX:DW8).
  5. Shares going ex-dividend today: Eagers Automotive (ASX:APE) and Harvey Norman (ASX:HVN).

Trading ideas:

  • Bell Potter maintains its Buy rating on Flight Centre (ASX:FLT) and price target for the stock at $21.50. Given the recovery profile of global travel remains in its early stages, and the roll out of the COVID-19 vaccinations programs is accelerating, Bell Potter believes FLT is highly leveraged to this step change and remains their key pick in the sector.
  • Bell Potter also has a Buy rating on AMA Group (ASX:AMA) however they have reduced its price target by about 11% to $0.85. This comes as the number of AMA job vacancy ads over the past weeks on sites such as Seek appear to be higher than usual, which suggest the company may be having some trouble sourcing qualified people. Despite this, Bell Potter sees good value in the current share price and the catalysts being a return to more normal operating conditions in FY22.
  • Noxopharm (ASX:NOX), Kina Securities (ASX:KSL) & Element 25 (ASX:E25) are all giving off bullish charting signals according to Trading Central.

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