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Morning Bell 7 June

Paulina Peters
June 7, 2022

Yesterday, the Aussie share market started the new trading week in the red, dipping 0.5% lower to 7,206 points.

The majority of the industry sectors posted losses, with the tech sector the biggest drag, falling 1.6%. While the energy sector posted a decent gain after Saudi Arabia raised oil prices substantially.

Looking at the best and worst performers, gambling company, Tabcorp (ASX:TAH) advanced the most, after the state of Queensland announced tax reforms that are expected to boost revenues. Graincorp (ASX:GNC) also performed well, following the release of a positive broker note out of Macquarie. Its analysts retained their outperform rating and $11.10 price target. Meanwhile, the worst performer yesterday was Magellan Financial Group (ASX:MFG). MFG’s share price tumbled nearly 14% after its funds under management fell 5.2% to $65 billion in May.

The most traded stocks by Bell Direct clients yesterday were Lake Resources (ASX:LKE), Whitehaven Coal (ASX:WHC) and Fortescue Metals (ASX:FMG).

Moving to the US, all three benchmarks managed to close higher, with the Nasdaq advancing the most, up 0.4%. It was a choppy day of trade, with the market navigating a jump in Treasury yields.

What to watch today:

  • Our local market is set to fall slightly this morning if you go by the SPI futures. The futures are suggesting a small drop of 0.07% at the open.
  • In economic news, the RBA, Australia’s central bank is all but certain to lift interest rates for the second month in the row. The cash rate currently sits at 35 basis points, with economists expecting a hike of 40 to 50 basis points. While Governor Phillip Lowe has previously voiced support for more conventional 25 basis point increases. So, keep watch today at 2:30pm AEST.
  • Moving to commodities, the oil price topped US$120 a barrel as Saudi Arabia raised its July crude prices. The gold price dipped on a stronger dollar and Treasury yields. The seaborne iron ore price is trading 0.6% higher at US$145 a tonne.
  • Lastly, if you hold Perpetual Credit Income Trust (ASX:PCI), you will receive your dividend today.

Trading Ideas:

  • Citi have maintained its Buy rating on cloud tech company, Megaport (ASX:MP1), however have reduced its price target from $16.60 to $12.30, to reflect higher cost of capital and earnings downgrades. While the reduction in Megaport Virtual Edge (MVE) pricing could suggest softer demand, Citi sees the new bandwidth options as positive as high IP transit costs were a barrier for MVE adoption in Australia and New Zealand. At its current share price of $6.30, this implies 95% share price growth in a year.
  • Trading Central has a bearish signal on Northern Star Resources (ASX:NST) indicating that the stock price may fall from the close of $8.58 to the range of $5.10 – $5.80 in the next 152 days according to standard principals of technical analysis.

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