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Morning Bell 23 April

Sam Kanaan
April 23, 2024

Wall St closed higher overnight as the S&P 500 broke a 6-day losing streak. The Dow Jones gained 0.67%, the tech-heavy Nasdaq rallied 1.11% and the S&P 500 ended the trading session 0.87% in the green.

In terms of US shares, Nvidia jumped 4.4% following a 14% sell off last week with Arm Holdings also rebounding nearly 7% overnight.

Over in Europe, markets closed higher with the STOXX600 closing 0.6% higher with the majority of sectors ending the day higher. Gains were led by telecoms stocks which rose 2.1%, whilst auto stocks fell 0.8%.

Locally yesterday, the ASX200 closed over 1% higher with all but one sector in the positive. Gains were led by the health and communication services sectors which gained 1.97% and 1.73% respectively. This was offset by the energy sector which fell 1.51% on Monday.

What to watch today:

  • The Australian share market is set to open higher, with the SPI futures suggesting a rise of 0.25% at market open this morning.
  • On the commodities front this morning,
    • Oil is trading 0.09% lower at US$82.14 a barrel as geopolitical tensions continue in the middle east.
    • Gold is trading 2.70% lower at US$64.59 an ounce as Tehran downplayed Israel’s strike against Iran which moved investors away from the safe-haven asset.
    • And iron ore is trading 0.28% higher at US$108.25 a tonne as markets predict higher demand from Chinese steel producers.

Trading Ideas:

  • Bell Potter has maintained a buy rating on AMA Group (ASX:AMA) and has a 12-month price target of $0.12. The buy rating is maintained by Bell Potter as AMA released its appendix for the third quarter of FY24 with EBITDA up 43% year-on-year. The $0.12 price target is a greater than 100% premium to the share price so Bell Potter maintains the buy recommendation.
  • And Trading Central has identified a bullish signal on IVE Group (ASX:IGL), indicating that the stock price may rise from the close of $2.11 to the range of $2.38-$2.44, on a pattern formed over 31 days, according to the standard principles of technical analysis.

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