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Morning Bell 31 May

Paulina Peters
May 31, 2022

Yesterday, the Aussie share market started the new trading week with an impressive gain of 1.5%. The tech sector led the rally, up 4.6% after US inflation rose just 0.2% in April, which is the smallest increase we’ve seen in about a year and a half. So investors took the inflation data to mean that the central banks may deliver less aggressive rate hikes to control inflation.

The majority of the top 10 best performing stocks on the ASX200 yesterday were tech shares, like Zip (ASX:ZIP), NOVONIX (ASX:NVX), Block (ASX:SQ2), Tyro Payments (ASX:TYR) and Megaport (ASX:MP1). While Appen (ASX:APX) continues its downward trend, losing 3.7%, after Tellus International walked away from takeover talks.

The most traded stocks by Bell Direct clients yesterday, they included Lake Resources (ASX:LKE), Bowen Coking Coal (ASX:BCB) and BHP Group (ASX:BHP).

Wall Street was closed on Monday for the Memorial Day federal holiday, however European stocks closed higher as China relaxed some of its COVID-19 restrictions. The German Dax lifted 0.8%, the FTSE index jumped 0.2% and the French CAC rose 0.7%.

What to watch today:

  • The Aussie share market looks to have run out of steam, as the SPI futures are suggesting that our local market is set to open 0.1% lower this morning.
  • Keep watch of Crown Resorts (ASX:CWN) today as the business has been hit with a $80m fine from the Victorian Gambling and Casino Control Commission, over its illegal practice of accepting Chinese bank cards at its Melbourne casino to fund gambling and disguising the transactions as hotel expenses.
  • In commodities, the oil price jumped to US$117 a barrel, a two-month high as investors wait to see if the European Union will reach an agreement on banning Russian oil. The gold price also lifted, as the US dollar dipped. While, the copper price declined 6.6% to $4.02 per pound, following ongoing demand concerns from China.
  • If you hold Janus Henderson (ASX:JHG), Autosports Group (ASX:ASG), Plato Income Maximiser (ASX:PL8), Red Hill Iron (ASX:RHI) or Kelly Partners Group (ASX:KPG), you will receive your dividend payment today.
  • Orica (ASX:ORI) is set to go ex-dividend today.

Trading Ideas:

  • Bell Potter have maintained its Hold rating on Appen (ASX:APX) but have reduced its price target from $6.75 to $6.50. Bell Potter have also downgraded its earnings per share forecast by 5% in both 2022 and 2023 and 4% in 2024. Now at its current share price of $6.30, this implies 3% share price growth in a year.
  • Trading Central has a bullish signal on the a2 Milk Company (ASX:A2M) indicating that the stock price may rise from the close of $4.77 to the range of $5.15 – $5.30 in the next 36 days according to standard principals of technical analysis.

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