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Morning Bell 11 May

Jessica Amir
May 11, 2020

A very busy week is on the cards for Aussie investors this week, awaiting local business and consumer confidence, and unemployment numbers for April.

Kicking the week off, the Australian share market futures are eyeing a lift of 0.1% at the open. It comes as global markets pushed higher on Friday as the US unemployment numbers were better than economists expected with 20.5 million Americans losing their jobs last month, which was bleak but far better than the 21.5 million forecast.

Trading ideas for today, AMP’s (ASX:AMP) price target was lifted to $2.15 by Bell Potter, implying its shares will grow over 50%. Elders (ASX:ELD) was also raised by Bell Potter to a price target of $10.30, implying its shares will grow by 13%.

Investors will be watching GrainCorp (ASX:GNC), Pendal Group (ASX:PDL) and CIMIC (ASX:CIM).

Read Transcript

Good morning, well a very busy week is on the cards for Aussie investors awaiting local business and consumer confidence, and unemployment numbers for April. And to kick off with, the Aussie share market futures are suggesting a soft lift of 0.1% at the open.

Now it comes as global markets pushed higher on Friday as the US unemployment numbers were better than economists expected, 20.5 million Americans lost their jobs last month it was bleak but far better than 21.5 million forecast.

Meanwhile the unemployment rate surged to 14.7% and that too was actually better than economists forecast.

Now there’s also talk that some of the workers who lost their jobs will be able to find employment again once the economy reopens.

And all this is why the major indices pushed ahead the S&P500 rose 1.7%, the Nasdaq ended 1.6% up, while in Europe the London and German markets rose 1.4%. Gold rose slightly it’s not $1,714 an ounce, while the oil price surged 5% to $24.74 a barrel.

Now three things to watch today, GrainCorp (ASX:GNC), their quarterly numbers are out, Pendel (ASX:PDL), their quarterly results as well and CIMIC (ASX:CIM), construction and engineering Group, their first quarter numbers are out.

Now two trading ideas, well Bell Potter rose AMP’s (ASX:AMP) price target to $2.15, that implies that shares will grow 50%.

Now it comes as AMP remains or it says it remains on track to sell AMP Life for $3 billion by the 30th of June.

Now AMP is ready to complete the transfer and the prudential regulator APRA has already approved a minor component of the sale, so if the sale does go ahead AMP will have excess capital of $1.6 billion.

Now Bell Potter also rose Elders (ASX:ELD), their price target to $10.30 implying 13% share price growth in a year and it comes as its livestock division continues to exceed expectations with a surge in value, while the business across its entire divisions continues to benefit from normalized weather.

Now Bell Potter also rose their earnings and profit forecasts for Elders.

I’m Jessica Amir with Bell Direct, happy trading and stay safe.

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