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Morning Bell 6 July

Bell Direct
July 6, 2020

The ASX200 is expected to fall 0.6% at the open, keeping in mind the Aussie market gained 2.6% last week.

With Wall Street being closed on Friday for the 4th of July U.S. holiday, Aussie investors will be scouring around for news and leads. In this case, attention has been turned to Europe, where their stocks closed in negative territory on Friday. German car sales crumbled 40% lower in June to a 30 year low.

What to watch today:

  • The Aussie Government announced $190 million in funding to boost our local recycling industry. The investment will go to new infrastructure to sort, process and re-manufacture materials such as mixed plastic, paper, tyres and glass. Some companies to keep an eye on are Sims Metal Management (ASX:SGI), Tox Free Solutions (ASX:TOX), Cleanaway Waste Management (ASX:CWY) and Bingo Industries (ASX:BIN).
  • ANZ job ads are out today for June and are expected to show a 0.8% rise in June following a 0.5% lift in May. So if the gain is better than expected, keep an eye on consumer discretionary stocks like JB Hi-Fi (ASX:JBH), Afterpay (ASX:APT), Zip (ASX:Z1P), Harvey Norman (ASX:HVN) and Kogan (ASX:KGN).

Local Trading ideas

  • Bell Potter initiated coverage of Macquarie Telecom (ASX:MAQ) saying the stock is a buy, with a $51.25 price target following its close on Friday at $45.30.
  • UBS released a research report showing Afterpay (ASX:APT) is producing better than expected growth numbers in the U.S. and UK, hitting 1 million customers in England. UBS maintained its sell sceptic rating, Bell Potter has Afterpay as a buy and Goldman Sachs has it as a hold.
  • On the smaller side of the market Bell Potter initiated coverage of Kazia Therapeutics (ASX:KZA), a company that’s aiming to treat Glioblastoma, a cancerous brain/spine tumour. Bell Potter has Kazia Therapeutics as speculative as it’s not producing earnings and is making a loss.

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