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Morning Bell 7 September

Bell Direct
September 7, 2020

Looks like it could be a quiet day as U.S. and Canada’s markets are closed for public holidays this evening Aussie time. The local market will get to react to having Victoria’s lockdown extended, with the Aussie futures earlier suggesting a 0.6% fall at the open.

A ray of sunshine came over the U.S. with employment conditions improving in July. This was more than expected with the unemployment rate falling to 8.4% from 10.2% in July, as many returned to retail and hospitality jobs. But until the pandemic is over, employment is expected to remain weak.

The Australian dollar trades at 72.8 U.S. cents, holding a near two-year high.

What to watch today:

  • Companies going ex-dividend: St Barbara (ASX:SBM), Sonic Health Care (ASX:SHL), ASX (ASX:ASX) and Bega Cheese (ASX:BGA).
    Myer (ASX:MYR) is due to release its full year results today.
  • On Friday it was announced that MYR will be removed from the ASX100 on the 21st of September. Other companies removed include Regis Healthcare (ASX:REG) and SG Fleet Group (ASX:SGF), while companies that are thriving online were added the ASX100. This includes Appen (ASX:APX) and Temple & Webster (ASX:WEB).
  • Coles (ASX:COL) and Fortescue Metals (ASX:FMG) were added to the top 20 ASX index, while Scentre (ASX:SCG) and Suncorp (ASX:SUN) were ousted. Really reflecting of the fact that supermarkets and miners are doing well in the pandemic, while property and banking stocks are not.
  • On the economic side of things, Services sector data is out today for August and ANZ jobs ads are out.

Local trading ideas:

  • Sonic Healthcare (ASX:SHL) was upgraded by UBS from a sell to a neutral, while increasing SHL’s price target to $32.10.
  • NOVONIX (ASX:NVX), Proteomics International (ASX:PIQ) and Kingsgate Consolidated (ASX:KCN) may be worth a look, as Trading Central identified all three of those stocks are showing bullish signals, indicating they may move higher according to standard principles of technical analysis.

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