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Morning Bell 15 November

Sophia Mavridis
November 15, 2021

On Friday, Aussie shares rebounded and ended the week higher after three days of losses. Mining stocks were the best performers, with Rio Tinto (ASX:RIO), BHP Group (ASX:BHP), Fortescue Metals (ASX:FMG), Champion Iron (ASX:CIA) and Mineral Resources (ASX:MIN) all making gains.

In overseas markets, despite worrisome inflation figures in both the US and China, weighing down on global sentiment last week, European markets still ended the week higher. The S&P500 is up 0.7%, the Dow up 0.5% and the Nasdaq up 1%, with the mega-cap tech names supporting the broader market.

The ASX200 is set to open 0.04% lower this morning, going by the SPI futures.

What to watch today:

  • Telstra (ASX:TLS) is set to formally announce its joint venture with data and analytics company Quantium, which is a part of Woolworths Group.
  • Companies set to go ex-dividend today include National Australia Bank (ASX:NAB), Plato Income Maximiser (ASX:PL8) and QV Equities (ASX:QVE).
  • Elders (ASX:ELD) and Incitec Pivot (ASX:IPL) will both report full year results today.
  • On Friday, the major mining stocks were the most traded stocks by Bell Direct clients, as the sector advanced. These included Fortescue Metals (ASX:FMG), Mineral Resources (ASX:MIN), and BHP Group (ASX:BHP). Another highly traded stock was AI and machine learning company BrainChip Holdings (ASX:BRN).
  • The oil price has fallen 0.8%, amid concerns that the US could release oil from strategic emergency reserves to curb high oil prices. So watch stocks such as Santos (ASX:STO) and Woodside Petroleum (ASX:WPL).
  • Gold is trading higher, above US$1,850 an ounce, driven by inflation hedging amid surging US consumer prices. So stocks such as Newcrest Mining (ASX:NCM) and Northern Star Resources (ASX:NST) may rise higher.
  • The seaborne iron ore price is currently trading just above US$93 a tonne.

Trading ideas:

  • Bell Potter have a Speculative BUY rating on Liontown Resources (ASX:LTR) and have increased their price target from $1.33 to $2.15.
  • Trading Central has identified bullish charting signals in Credit Clear (ASX:CCR), Rex Minerals (ASX:RXM) and Sovereign Metals (ASX:SVM).

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