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Morning Bell 7 July

Bell Direct
July 7, 2020

The ASX200 is set to strongly march forth today, after a positive session overnight. The Aussie futures are suggesting a 0.5% rebound, keeping in mind the Aussie market gained 2.6% last week and is now up 33% from its COVID-19 bear market bottom.

If you are looking for a massive trend to follow or invest in, consider the companies benefiting from the work from home shift across the globe.

In other news, Warren Buffett announced his first significant acquisition since COVID-19 began, buying natural gas and storage assets from Dominion Energy for $10 billion. And on the economic front, the U.S. Service sector which contributes the bulk of steam to the nation’s economic growth tally, showed the sector surprisingly grew.

What to watch today:

  • The RBA meets today with interest rates to remain on hold at 0.25%, what the RBA says is it’s lower bound. But comments from the Governor will be closely watched as our economy seems to be picking up even before it’s entered a recession.
  • From midnight tonight the NSW and Victorian border will be closed, for the second time in history. Agricultural transportation is not likely to be impacted as special permit holders and exemptions will be allowed to enter and exit.

Local trading ideas:

  • Costume jewellery company Lovisa (ASX:LOV) stores are now opened. Bell Potter bumped up its buy rating and price target for Lovisa to $7.50 as its sales were 5% better than expectations with a strong balance sheet.
  • UBS reiterated its hold rating on Mayne Pharma (ASX:MYX) after the pharmaceutical company entered into a long-term supply agreement with China based manufacturer for 13 new U.S. generic oral contraceptive products, including the five brand new products not previously marketed. UBS says the five new drugs, four with FDA approval have market sales of $500 million in the U.S., having the drugs made by China’s Novast will save Mayne Pharma US$3 – $5 million per year. UBS’s price target for Mayne Pharma is $0.44 and Bell Potter has them as a buy with a $0.55 target.
  • UBS downgraded the ASX (ASX:ASX) from a hold to a sell with a $75 price target, saying although the landscape has changed and the ASX has been a beneficiary of market volatility, expect a round of second capital raising on the ASX. UBS is cautious the ASX’s other earnings streams are trending lower.

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