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Morning Bell 12 August

Paulina Peters
August 12, 2021

The Aussie share market looks set to open in the green, up 0.13% or 10 points to 7,503, if you go by the futures.

What to watch today:

  • This morning, company’s reporting earnings:
    • Telstra (ASX:TLS) announced an on-market share buy-back, that will return about 50%, or up to $1.35 billion to shareholders during financial year 2022.
    • AMP (ASX:AMP) reported an improved first half 2021 performance with underlying NPAT of $181 million, up 57%.
    • QBE Insurance Group (ASX:QBE) announced a first half 2021 statutory NPAT of $441 million, compared with a net loss after tax of $712m in the prior period. QBE also reported gross written premium (GWP) growth of 20%.
    • AGL Energy (ASX:AGL) reported a 10% statutory loss after tax and an interim ordinary dividend of $0.31cps and special dividend of 10 cents declared.
  • Goodman Group (ASX:GMG) and Mirvac Group (ASX:MGR) are also set to report today.
  • The most traded stocks by Bell Direct clients yesterday were Galaxy Resources (ASX:GXY) & Pilbara Minerals (ASX:PLS). Both stocks hit record highs yesterday, lifting over 5% as the demand for battery materials remains strong. GXY shares are up 153% YTD, while PLS shares are up a huge 182%.
  • In economic news, consumer confidence data was released yesterday, with sentiment falling to its lowest reading in 11 months. Confidence has been hit hard amid extended lockdowns across the country. However, sentiment remains in positive territory overall. August’s reading came in at 104.1, a decline of 4.4% when compared with July’s reading.
  • The oil price reversed it losses to trade in the green on Wednesday, at US$69.34, up 1.5% .
  • The gold price also lifted about 1.4% as US inflation readings eased fears that the Federal Reserve would taper its economic support sooner than expected.
  • The iron ore price traded slightly up, at about US$169.

Trading ideas:

  • Bell Potter has upgraded its recommendation on Australia’s largest company, Commonwealth Bank (ASX:CBA) from a HOLD to a BUY, with an increased price target of $118 (previously $105). Bell Potter highlighted CBA’s report card yesterday was a solid result for the business despite the expected pandemic impacts and ongoing lingering uncertainty in operating conditions. CBA lifted 1.5% higher yesterday to $108.17, which implies about 9.1% share price growth.
  • Bullish charting signals have been identified in Senex Energy (ASX:SXY), Imdex (ASX:IMD) and Opthea (ASX:OPT) according to Trading Central.

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