Morning Bell 24 March

Jessica Amir
March 24, 2021

Given the pullback overseas, the Aussie market is likely to see a pull back, but the futures are suggesting a flat open at this stage.

 

What to watch today:

  1. Airlines, travel and tourism stocks are expected to retreat from their buoyed levels. But keep in mind, Australia is in a different situation to overseas. Plus our government is offering half price airlines to some Aussie regions. This supports our services sector.
  2. Moving to commodities – expect scattered showers in some stocks today especially oil stocks.
  3. Iron ore fines (the most traded iron ore) rebounded 3.1% to US$162 and the iron ore futures are up 0.5% suggesting iron ore prices are attempting to lift further
  4. Palladium rose 1% overnight – so keep an eye on Chalice (ASX:CHN), DevEx (ASX:DEV) and Linton Resources (ASX:LTR)
  5. Keep an eye on some of the most traded stocks from yesterday for our active trader desk, Bell Direct Advantage they were: Airtasker (ASX:ART) which rose 61% from its IPO price of $0.60, QEM (ASX:QEM) which rose over 6.5% and 88 Energy (ASX:88E) was the third most traded stock, falling 10%.

 

Trading ideas:

  • Citi reiterated Afterpay (ASX:APT) as high risk but, but downgraded its price target to $21. Citi expects the stock will be pressured over the next 3-6 months, expecting consumer discretionary to pull back from its high. Át the same time, Morgan Stanley recently reiterated APT as a Buy with a $159 target.
  • Bell Potter initiated coverage of Imricor Medical Systems (ASX:IMR) as a Speculative Buy with a $2.85 target.
  • Hearts and Minds Investments (ASX:HM1), Cettire (ASX:CTT) and Fortescue Metals (ASX:FMG) are all giving off bullish charting signals according to Trading Central.

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