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Morning Bell 21 April

Paulina Peters
April 21, 2022

The local market advanced slightly higher yesterday, up 0.1% to 7,569 points, just 0.8% off reaching its record high. Sectors wise, the healthcare sector led the market, boosted by a sizeable jump in Ramsay Health Care (ASX:RHC)’s share price.

RHC, the second largest Australian-listed health company lifted an impressive 24% to $80 per share, after receiving a takeover proposal from private equity company, KKR. On the flip side, investment platform, HUB24 (ASX:HUB) fell the most, down 6.5% following some brokers responding to the company’s latest quarterly update, with a few trimming their price targets.

The most traded stocks by Bell Direct clients yesterday included Westpac (ASX:WBC), Lake Resources (ASX:LKE) and Ramsay Health Care (ASX:RHC).

The US market was divided. The Dow managed to gain about 250 points, off the back of strong results from Procter & Gamble, while the Nasdaq was dragged down by Netflix’s disappointing results, where it saw its first subscriber loss in more than 10 years. As well as company results, investors were keeping a close eye on the 10-year Treasury yield which retreated on Wednesday.

What to watch today:

  • Despite the mixed session in the US, if you go by the SPI futures, the Aussie share market is set to open 0.40% higher this morning.
  • Keep an eye on BNPL stock Zip (ASX:Z1P), the company will be releasing its third quarter update this morning. And as at the start of today’s trading session, Zip’s ticker code will change from Z1P to ZIP.
  • Other companies set to release results today include BHP Group (ASX:BHP), Brambles (ASX:BXB), Challenger (ASX:CGF), Evolution Mining (ASX:EVN), Stockland (ASX:SGP) and Santos (ASX:STO).
  • In commodities, the oil price rebounded following a drop in US oil inventories and concerns over tight supplies. The gold price traded slightly higher at US$1,957 an ounce. While the spot iron ore price is trading 2.7% lower at US$146 a tonne.
  • There are two new companies debuting on the Aussie share market today. Firstly, Australian battery metals exploration company, Pure Minerals, its ticker code is PR1. And secondly, Perth-based crop nutrition company RLF AgTech, which will be trading under the ticker code RLF.
  • There are also a few companies paying their dividends today. These include Lovisa (ASX:LOV), Rio Tinto (ASX:RIO), Cochlear (ASX:COH) and Austal (ASX:ASB).
  • Lastly, capital market company, Plato Income Maximiser (ASX:PL8) and MFF Capital Investments (ASX:MFF) are set to go ex-dividend today.

Trading Ideas:

  • Bell Potter have maintained its BUY rating on chemical manufacturing company, DGL Group (ASX:DGL) and have increased its price target from $3.50 to $4.30. DGL continues to validate its chemicals logistics vertical and despite record seasonal tailwinds, Bell Potter believe the company has several levers to grow earnings in financial year 2023.
  • Trading Central has a bearish signal on Rio Tinto (ASX:RIO), indicating that the stock price may fall from the close of $118.30 to the range of $95 – $100 in the next 32 days according to standard principals of technical analysis.

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