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Morning Bell 27 August

Sophia Mavridis
August 27, 2021

Yesterday the Aussie share market closed in the red, closing 0.54% lower.

In overseas markets, investors are cautions as they await the meeting of US Federal Reserve policymakers as well as new developments in Afghanistan also played a part for investors in the risk- off sentiment.

Following US equities, the SPI futures are suggesting the ASX200 will open slightly lower.

What to watch today:

  • In economic news, retail sales data for July will be released at 11:30am AEST. In June, retail sales declined 1.8% month over month, impacted heavily by the nation-wide lockdowns. The market is expecting a 2.3% decline.
  • Travel stocks, Flight Centre (ASX:FLT) and Qantas (ASX:QAN), were among the most traded stocks by Bell Direct clients yesterday, after both companies reported their 2021 financial year results. FLT reported a 79% decline in revenue and a $507.1 million underlying loss, while QAN reported a 58% decline in revenue, heavily impacted by border closures and travel restrictions.
  • Companies reporting today include: Auswide (ASX:ABA), BWX (ASX:BWX), Next DC (ASX:NXT), Resolute Mining (ASX:RSG), Village Roadshow (ASX:VRL) and Wesfarmers (ASX:WES).
  • The oil price has fallen 0.9% and is trading at US$67.74 a barrel.
  • Gold fell for the 3rd consecutive session, amid a slightly stronger dollar.
  • And iron ore has fallen 1.8% and is trading at US$159 a tonne.

Trading ideas:

  • Bell Potter has maintained their BUY rating on The a2 Milk Company (ASX:A2M), however have decreased their price target from $8.50 to $7.70. This comes after A2M reported its 2021 financial year results yesterday. A2M closed yesterday at $6.05, implying 27.3% share price growth in a year.
  • Wisr (ASX:WSR), Tyro Payments (ASX:TYR), and Swoop Holdings (ASX:SWP), are all giving all bullish charting signals, according to Trading Central.

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