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The futures are suggesting a lift of 1.2% or 67 points, but trading is expected to be thin given it’s a public holiday in NSW, SA, ACT, QLD – so expect industrials and economic recovery stocks to be stronger, and tech stocks to follow Wall Street lower.
It’s also going to be one of the busiest weeks economically since the pandemic – with the Australian Federal Budget being handed down tomorrow night and the RBA meeting with rates expect to remain on hold, while Westpac has gone out in a limb expecting a cut of 0.1%.
What to watch today?
• Oil tracks steady, US$37, Gold holds at US$1,908.
• On the economic side: NAB confidence numbers are out along with services sector data.
• Integrated Research (ASX:IRI) was upgraded as a Buy by Bell Potter, with a new $4.25 target, on the back of the company releasing new products and renewing licences. Bell Potter is forecasting EPS growth of 10%, 11% and 15%, over the next three years.
• AFT Pharma (ASX:AFP) was rated a Hold by Bell Potter, with an increased $5.11 target after seeing a strong rise in sales in over-the-counter medicines associated with the protection of COVID-19 infections.
• Keep an eye on Black Cat Syndicate (ASX:BC8) and Amaysim (ASX:AYS) – both showing bullish charting signals – according to Trading Central.