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Morning Bell 28 November

Sam Kanaan
November 28, 2023

Wall St closed lower to open the new trading week in the red. The Dow Jones ended Monday’s session down 0.16%, the S&P 500 closed 0.2% lower and the tech-heavy Nasdaq fell 0.07%.

In terms of US stocks, e-commerce shares jumped on Cyber Monday with Amazon and Shopify jumping 1.1% and 4.5% respectively.

Over in Europe, markets closed lower overnight with the STOXX600 closing down 0.3% as oil and gas stocks traded flat, while travel stocks fell 0.8%. Germany’s DAX fell 0.39% while the French CAC and the UK’s FTSE100 both ended the day 0.37% in the red.

Locally yesterday, the ASX200 closed 0.75% lower with all but the information technology sector finishing in the session in negative territory. Losses were led by the consumers discretionary and real estate sectors which lost 1.26% and 1.34% respectively.

What to watch locally today:

  • The Australian share market is set to open higher, with the SPI futures suggesting a rise of 0.16% at market open this morning.
  • On the commodities front this morning,
    • Oil is trading down 0.87% to 74 US dollars and 88 cents a barrel with focus on the upcoming OPEC+ meeting where Saudi Arabia and Russia are expected to prolong voluntary supply cuts until at least the first quarter of 2024.
    • Gold is up just over half a percent to 2013 US dollars and 29 cents an ounce and iron ore is down 0.37% to 135 US dollars and 50 cents a tonne.

Trading Ideas:

  • Bell Potter maintains a buy rating on Smartpay Holdings (ASX:SMP) despite lowering its price target to $1.75. The price target was reduced as the underlying EBITDA in the first half of 2024 fell modestly below the forecast. However, the buy rating is still maintained as the positive view on SMP is underpinned by system growth in digital payments and early expansion in the Australian market.
  • And Trading Central has identified a bullish signal on Ramelius Resources (ASX:RMS), indicating that the stock price may rise from the close of $1.58 to the range of $1.74-$1.78 on a pattern formed over 15 days, according to the standard principles of technical analysis.

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