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Morning Bell 18 November

Paulina Peters
November 18, 2021

Aussie shares came under pressure yesterday, with the ASX200 closing 0.7% lower. The Financials sector weighed down on the market following Commonwealth Bank of Australia (ASX:CBA) releasing a disappointing Q1 result, which came in below market expectations. The best performing sector was the Tech sector which lifted a modest 1.6%.

Telecommunications business, Uniti Group (ASX:UWL) lifted 8.3%, following an update on its share buyback and operational performance. While, Nufarm (ASX:NUF) fell 8.6% despite reporting a strong full-year result.

All three US benchmarks closed lower despite strong retail earnings reports. This comes as inflation concerns continue to linger and some retailers revealing margin pressures. The Dow fell 0.5%, the S&P500 closed 0.2% lower, while the Nasdaq slipped 0.3%.

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

What to watch today:

  • Evolution Mining (ASX:EVN) announced yesterday that it will grow its exposure to copper and silver, after agreeing to pay $1 billion for Glencore’s Ernest Henry mine in Queensland. As EVN’s copper production will increase, this will lower its all-in sustaining cost per ounce and help cement EVN as one of the lowest cost gold producers in the world.
  • Aristocrat Leisure (ASX:ALL) are set to release their full year results.
  • Goodman Group (ASX:GMG), Mineral Resources (ASX:MIN), Northern Star Resources (ASX:NST) and BlueScope Steel (ASX:BSL) are holding their AGMs today.
  • Cobram Estate Olives (ASX:CBO), James Hardie (ASX:JHX) and Vita Group (ASX:VTG) are going ex-dividend today.
  • Oil prices fell amid oversupply warnings and as COVID-19 cases in Europe increased. The WTI crude oil price fell 3.5% and is currently trading at US$77.90 a barrel. While the gold price rose following inflation worries, boosting the appeal of the safe-haven metal.

Trading ideas:

  • Commonwealth Bank of Australia (ASX:CBA) released its Q1 results yesterday, and a few brokers have revised their views. Citi has a SELL rating on CBA with a price target of $94.50. Bell Potter maintain their BUY recommendation on the stock, however, have reduced their price target by 6%, from $118 to $111. Ord Minnett has a HOLD rating on CBA with a price target of $95. And Goldman Sachs has retained its SELL rating and cut its price target to $81.74.
  • Bullish charting signals have been identified in Uniti Group (ASX:UWL), NEXTDC (ASX:NXT) and Red River Resources (ASX:RVR) and that’s according to Trading Central.

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