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Morning Bell 29 January

Jessica Amir
January 29, 2021

The ASX200 is eyeing a lift of 1.1% at the open.

GameStop (NYSE:GME), the centre of a Reddit-user buying frenzy, saw its shares fall 44% after Robinhood and Interactive Brokers placed restrictions on trades.

What to watch today:

  • The iron ore price fell 0.4% overnight and oil stocks could come under pressure as the oil price fell 1.2%.
  • Fortescue Metals (ASX:FMG), Galaxy Resources (ASX:GXY) and IOOF (ASX:IFL) report quarterly production today.

Local trading ideas:

  • Car dealership business, Eagers Automotive (ASX:APE) was upgraded to a buy by Bell Potter, with a $15.50 price target as its earnings are growing more than expected¬† and are likely to continue.
  • Genetic Signatures (ASX:GSS) was reiterated as a Bell Potter speculative buy, with a slimmer $3.20 target.
  • Yancoal Australia (ASX:YAL), Platinum Asset Management (ASX:PTM) and 5G Network (ASX:5GN) are giving off bullish charting signals according to Trading Central.

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