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Morning Bell 9 December

Paulina Peters
December 9, 2021

Well the Aussie share market advanced for the fourth straight day yesterday, up as much as 1.7%, before pulling back and closing a modest 1.3% higher.

All sectors posted gains, with the consumer services, information technology and materials sectors leading the way, all up 2%. The banks performed well, with NAB up 1%, the most out of the major four banks.

Zip (ASX:Z1P) was the best performer, lifting 10.9%, after UBS upgraded its rating from a SELL to NEUTRAL. Mesoblast (ASX:MSB) blasted 10% higher, likely because of the broader gains in the Health Care Index, the XHJ, where nearly all members recorded gains. Other top stocks included mining companies, Mineral Resources (ASX:MIN), Champion Iron (ASX:CIA) and Pilbara Minerals (ASX:PLS).

Meanwhile, the worst performing stocks yesterday included Steadfast Group (ASX:SDF), Polynovo (ASX:PNV) and global packaging manufacturer, Orora (ASX:ORA).

Fortescue Metals (ASX:FMG) was one of the most traded stocks by Bell Direct clients yesterday, jumping 3.3% yesterday following news that the company is teaming up with AGL Energy (ASX:AGL) to develop a hydrogen hub for the Hunter Valley coal plants, and off the back of the recent rebound in the iron ore price, which pushed 7% higher.

Moving to the US, as at the time of recording, stocks are flat. All three of the benchmarks are trading slightly higher, with the Nasdaq up the most. Some of the comeback was off the back of vaccine news from Pfizer and BioNTech, who confirmed that three doses of the vaccine are effective at neutralising the Omicron variant.

Following the relatively positive session over on Wall Street, the futures are suggesting the Aussie share market will give back some of its recent gains and open 0.5% lower.

What to watch today:

  • Keep an eye on Webjet (ASX:WEB). Goldman Sachs retained its BUY rating, albeit with a trimmed price target of $6.90.
  • Oil prices steadied and edged slightly higher as investors assess the impact of the Omicron variant on the global economy. And the gold price gained as the US dollar retreated, with the focus on US inflation data out at the end of the week.
  • Lastly, Select Harvests (ASX:SHV) are set to go ex-dividend today.

 Trading ideas:

  • Citi reiterated its BUY rating on Insurance Australia Group (ASX:IAG) with a price target of $5.60 following its recent business update.
  • Bell Potter have maintained its BUY rating on software company Life360 (ASX:360) with an increased price target of $16.25 (previously $14.75). Bell Potter believe there are several catalysts for the stock going forward including achieving its 2021 guidance, as well as a likely dual listing on the NASDAQ sometime in the second quarter of 2022.

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