Morning Bell 10 November

Sophia Mavridis
November 10, 2021

The ASX200 lost 0.2% yesterday. Financials were down – CBA, ANZ and Westpac declined, as did NAB after releasing positive full-year results. NAB reported profits rebounded, increasing 77% and declared a $0.67 final dividend, which is more than double what it paid this time last year.

Chalice Mining (ASX:CHN) jumped an impressive 28.5% after they uncovered the world’s largest nickel sulphide discovery in the last 20 years. Ingham’s Group (ASX:ING) was the worst performer, falling 4.5% and currently a Bell Potter and Citi BUY.

European and US markets closed lower, taking in US producer inflation data. The S&P500 fell for the first time in nine sessions, down 0.4%. The Dow Jones down 0.3% and the Nasdaq down 0.6%.

Despite US equities falling from their records, the SPI futures are suggesting the ASX200 will open 0.27% higher.

What to watch today:

  • Medical equipment company ResMed (ASX:RMD) is set to go ex-dividend today.
  • AGMs will be held today for Amcor (ASX:AMC), Coles (ASX:COL), Sims (ASX:SGM), Vicinity Centres (ASX:VCX), Mount Gibson Iron (ASX:MGX) and Newcrest Mining (ASX:NCM).
  • The most traded stocks by Bell Direct clients yesterday were Northern Star Resources (ASX:NST) and the Crypto Innovators ETF (ASX:CRYP), which has surpassed $100 million in trading volume, its first three days floating on the exchange.
  • Keep watching those travel stocks, as yesterday NSW reached 90% fully vaccinated of those over 16 yrs.
  • The oil price is trading more than 3% higher, above US$84 a barrel. Gold reached a new 2-month high, amid rising inflation expectations. And, the price of coal is lower, as is seaborne iron ore, currently trading just under US$92 a tonne.

Trading ideas:

  • Bell Potter maintain their BUY rating on National Australia Bank (ASX:NAB), and have increased their price target to $32, after the bank reported impressive full year results, which were mostly in line with expectations. Yesterday NAB closed at $28.89, implying 10.8% share price growth in a year.
  • Additionally, bullish charting signals have been identified in Boss Energy (ASX:BOE), Lotus Resources (ASX:LOT) and De Grey Mining (ASX:DEG), according to Trading Central.

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