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Morning Bell 15 April

Jessica Amir
April 15, 2020

The Australian share market looks like it could extend its bull market rally following the 1.9% rise yesterday, as Wall Street rallied overnight.

The COVID19 infection curve is flattening globally. And in the U.S, the 1st batch of quarterly earnings results came out overnight, with Johnson and Johnson results beating forecasts, while it raised its dividend, which boosted its stock over 4% higher. Earnings from the financial segment, like JPMorgan were below expectations though, but JPMorgan’s trading division revenue surged 32% to a record US$7.2b.

Gold fell 0.8%, to $1,758 an ounce. While Oil fell back to $20 a barrel as demand remains low. But that could all change as Trump plans to restart some U.S states on 1 May.

What to watch today:

  1. Local IT stocks are expended to do well again today – buyers are already lining up to buy Altium (ASX:ALU) and Appen (ASX:APX) and Bravua (ASX:BVS) and Afterpay (ASX:APT).
  2. Gold stocks which rallied 14% yesterday – like Northern Star (ASX:NST) look like they could see profit-taking.
  3. Also look out for stocks are linked to the Chinese consumer – they could start to build moment given China 1st quarter import data yesterday showed their imports are rebounding
  4. Also, keep an out for institutional buying. Under Research and Tools on Bell Direct, you can click Substantial holdings. Yesterday you would have seen Flight Centre FLT shares rose 16% yesterday after Credit Suisse and its associated entities increased their stake in the business – and now again overnight another investor- UBS – bought into the stock.
  5. Infant formulae and goat milk business, Bubs Australia (ASX:BUB) are expected to rally after Bubs reported sales rose 67% in the quarter.

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