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Morning Bell 16 November

Paulina Peters
November 16, 2021

The Aussie share market managed to close 0.4% higher yesterday, with the market now up a modest 2% for November. Most sectors closed higher, except for the Energy, Materials and Utilities sectors.

Mesoblast (ASX:MSB) blasted its way to the top of the leaderboard, closing nearly 12% higher after the release of an update on a phase three trial for the therapy’s use in treating chronic heart failure. While, Whitehaven Coal (ASX:WHC) was one of the worst performers, following an international agreement to reduce coal use.

In the US, stocks closed flat to start the new trading week ahead of quarterly results from big US retailers, which will give a further idea about the US economic recovery and inflation pressures.

After a flat session on Wall Street, the futures are suggesting the Aussie share market will open 0.39% lower this morning.

What to watch today:

  • In economic news, the RBA meeting minutes will be released at 11:30am AEDT, which will go into more detail to explain the monetary policy decision made earlier this month. And at 1:30pm AEDT, we will hear from RBA Governor Phillip Lowe on recent trends in inflation.
  • Property giant, Mirvac Group (ASX:MGR), lithium producer, Pilbara Minerals (ASX:PLS) and Lifestyle Communities (ASX:LIC) are holding their AGMs today.
  • Ausnet Services (ASX:AST) is set to go ex-dividend today.
  • The most traded stocks yesterday by Bell Direct clients, included Western Areas (ASX:WSA), Fortescue Metals (ASX:FMG) and Imugene (ASX:IMU).
  • Oil prices came under pressure amid fears of a supply boost and weakening demand. The gold price pulled back after its 7-day rally, as US bond yields lifted, currently trading at US$1,862. While the seaborne iron ore price trades 1% lower at US$92.36 a tonne.

Trading Ideas:

  • Bell Potter has upgraded its rating on chemical manufacturing company, DGL Group (ASX:DGL) from a HOLD to a BUY with a price target of $3.05. DGL’s share price is up 143% since it listed on the ASX earlier this year, and at its current share price of $2.62, implies 16.4% share price growth in a year.
  • Morgan Stanley and Bell Potter also reiterated their bullish ratings on Life360 (ASX:360). Morgan Stanley has an Overweight rating and price target of $14.20, while Bell Potter has a BUY rating with an increased price target to $14.75.
  • Bullish charting signals have been identified in Boss Energy (ASX:BOE), Paladin Energy (ASX:PDN) and Karoon Energy (ASX:KAR) and that’s according to Trading Central.

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