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Morning Bell 11 November

Paulina Peters
November 11, 2021

The Aussie share market fell for the third straight day yesterday, down 0.14%, off the back of a weakening iron ore price with big miners and blue chips leading the falls.

For the second straight day, Chalice Mining (ASX:CHN) has topped the leader board, lifting another 5% following the company’s platinum discovery near Perth. The worst performing stocks were BlueScope Steel (ASX:BSL) and Nearmap (ASX:NEA) which saw declines of 5.8% and 4.9% respectively.

In the US, stocks retreated following October’s consumer price reading coming in at its highest level in 30 years. After inflation data came in higher than estimated, the Dow shed over 200 points, the S&P500 dipped 0.82% and the Nasdaq declined over 1%.

After a negative session on Wall Street, the futures are suggesting the Aussie share market will open 0.08% lower this morning.

What to watch today:

  • Today the unemployment rate will be released for October. Given there is uncertainty as to how the transition from lockdowns played out, economists have forecast that the unemployment rate will rise from 4.6% in September to 4.8% in October.
  • Keep an eye on cloud accounting platform Xero (ASX:XRO) today, as the company is set to release its half-year results.
  • There are a few companies holding theirs AGMs today, including BHP Group (ASX:BHP), Breville (ASX:BRG), Nine Entertainment (ASX:NEC), Nearmap (ASX:NEA), Cooper Energy (ASX:COE) and REA Group (ASX:REA).
  • Australian Pharmaceutical Industries (ASX:API) is set to go ex-dividend today.
  • Oil prices came under pressure after US crude inventories rose by 1 million barrels, which was short of estimates. Keep an eye on energy shares like Woodside Petroleum (ASX:WPL) and Oil Search (ASX:OSH) which could come under pressure today. And the gold price rose as the US dollar firmed, trading nearly 1% higher at US$1,849 an ounce.

Trading Ideas:

  • Bell Potter has maintained its BUY rating on software company Nitro Software (ASX:NTO) with a price target of $4.50. The company entered into a trading halt yesterday morning, last trading at $3.84 per share, which implies 19.4% share price growth. Separately, Morgan Stanley has an Overweight rating on the stock.
  • Bullish charting signals have been identified in Alpha HPA (ASX:A4N), Rumble Resources (ASX:RTR) and WiseTech Global (ASX:WTC), and that’s according to Trading Central.

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