Morning Bell 7 April

Bell Direct
April 7, 2021

Yesterday we saw the Aussie market hit a 6-week high after rising for three days and lifting 0.8% – attempting to play catch up with global equities. Today, the futures are suggesting a small lift of 0.04%.

 

The IMF raised global growth forecasts from 5.2% to 6%. That’s the quickest growth rate since 1980. For Australia it sees our economy growing at 4.5%.

 

What to watch today

  1. Today traders and investors will be focused on four areas: (1) Stocks benefitting from Australian NZ flights taking off 19 April – like Air New Zealand (ASX:AIZ) which rose 8% yesterday. (2) The Tech sector – Yesterday it saw its biggest gain in a long time, with Afterpay (ASX:APT) rising 10%, Zip (ASX:Z1P) rising 9% and Xero (ASX:XRO) rising 3.1% – as bond yields stabilised and the US tech sector is coming back. (3) Stocks that hit a 52-week high to see if they have more momentum. (4) Eco news – construction index for March – expected to show further growth, supporting earnings in construction and mortgages stocks and Services sector data due out today – expected to strengthen.
  2. Companies going ex-dividend today, including Adbri (ASX:ABC) as well as ETFs like IOZ, which is the top 200 ETF, and IGB which is a Bond ETF.

 

Trading ideas:

  • Bell Potter reiterated its Buy calls on two stocks overnight: Acrow Formwork & Construction (ASX:ACF) with a $0.45 target and Senex Energy (ASX:SXY) with a $3.71.
  • Super Retail Group (ASX:SUL), Redbubble (ASX:RBL) and Nickel Mines (ASX:NIC) are all giving off bullish charting signals according to Trading Central.

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