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Morning Bell 28 June

Bell Direct
June 28, 2024

US equities closed in the green as investors await inflation data with the send of the second quarter approaching. The Dow Jones and the S&P500 both ended the session 0.09% higher, while the tech-heavy Nasdaq gained 0.3%, with AI companies gaining momentum. After hours, a big mover was Nike, its shares down more than 12% after the athletic retailer cut its full-year guidance.

Locally yesterday, information technology and healthcare sectors lead the market, while real estate and utilities declined the most. The ASX200 ended the trading session down 0.3%.

What to watch today:

  • The Australian share market is set to open higher this morning, with the SPI futures suggesting a rise of 0.34%.
  • In commodities,
    • Crude oil is trading 1.25% higher at US$81.91 per barrel, nearing a two-month high as supply concerns due to escalating conflict in the Middle East outweighed a surprise increase in US stockpiles.
    • Gold rebounded, trading a US$2,327 an ounce after having tested the lowest in nearly three months earlier in the session, as markets digested data for hints of the Fed’s policy outlook this year.
    • And iron ore is steady at US$106 per tonne.
  • In economic data today, housing credit and private sector credit data for May will be released today.

Trading Ideas:

  • Bell Potter maintain a BUY rating on Lynas Rare Earths (ASX:LYC) after the company announced it intends to update its Lynas Malaysia Plant. Bell Potter think the share price could be undervalued. They have increased their price target from $7.55 to $7.80. At LYC’s current share price of $5.95, this implies 31% share price growth in a year.
  • Trading Central have identified a bullish signal in Northern Star Resources (ASX:NST) indicating that the stock price may rise from the close of $13.01.

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