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Morning Bell 28 June

Paulina Peters
June 28, 2022

Our local market closed started the new trading week and final week of the financial year with a solid gain of 1.9%, supported by a strong rebound in bank stocks.

All eleven industry sectors posted gains, with the financials, energy, tech, and consumer discretionary sectors all gaining more than 2%.

Imugene (ASX:IMU) jumped a massive 46% after the company reported positive survival rates amongst advanced gastric cancer patients treated with HER-Vaxx. Also performing well were lithium stocks like Core Lithium (ASX:CXO), Liontown Resources (ASX:LTR), Lake Resources (ASX:LKE) and Allkem (ASX:AKE). While the worst performers yesterday included Evolution Mining (ASX:EVN), Northern Star Resources (ASX:NST) and Ramelius Resources (ASX:RMS).

The most traded stocks by Bell Direct clients yesterday were Sims (ASX:SGM), Woolworths (ASX:WOW) and CSL (ASX:CSL).

In the US, all three benchmarks started the new trading week in the red, with tech and consumer names coming under pressure, while the energy sector managed to gain 2.8%.

What to watch today:

  • Following the negative session in the US, our local market is set to open slightly lower this morning if you go by the SPI futures.
  • KFC owner, Collins Foods (ASX:CKF) is set to release its full year results for 2022 today. No guidance has been given, but the market will be looking for further growth after its positive first-half report.
  • In commodities, oil prices traded higher on the prospect of even tighter supplies, as the Group of Seven nations examine a new package of actions aimed at increasing pressure on Russia over its war in Ukraine.
  • The gold price fell on a weaker dollar as recession fears continue.
  • The nickel price took a hit, dropping 6.8% and the spot iron price is trading lower at US$116 a tonne.
  • If you hold Champion Iron (ASX:CIA) or GQG Partners (ASX:GQG), you will receive your dividend payment today.
  • Bindi Metals will be debuting on the ASX today. It will be trading under the ticker code BIM.

Trading Ideas:

  • Citi have upgraded its rating on Iluka Resources (ASX:ILU) from a Sell to a Buy and have maintained its price target at $10.25. The upgrade is due to its share price correction and Citi’s view that China’s property starts are now near their low. At its current share price of $9.25, this implies 13.5% share price growth in a year.
  • Trading Central has a bullish signal on Aristocrat Leisure (ASX:ALL) indicating that the stock price may rise from the close of $34.80 to the range of $39.75 – $40.75 in the next 43 days according to standard principals of technical analysis.

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