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Morning Bell 29 July

Paulina Peters
July 29, 2021

Overnight the S&P500 closed flat after the Fed kept its easy-money policies. The Dow Jones closed about 0.36% lower, while the Nasdaq closed up 0.7%.

Following the mixed session on Wall Street, the Aussie share market is set to bounce back after yesterday’s fall of 0.7%, to open 0.3% higher to 7,301 points.

Stay tuned, later today we will be releasing a full report on Rio Tinto (ASX:RIO)’s results.

What to watch today:

  • On the COVID-19 front, NSW Premier Gladys Berejiklian extended the stay-at-home orders for another four weeks until August 28. Amid the lockdown extension news, Webjet (ASX:WEB), Qantas (ASX:QAN), Sydney Airport (ASX:SYD) and Flight Centre (ASX:FLT) all closed lower yesterday. However, keep in mind, travel companies are likely to go into recovery once restrictions ease.
  • Today, Q2 import and export prices are set to be released at 11:30am AEST.
  • Companies reporting today: Janus Henderson Group (ASX:JHG) is set to report its second quarter 2021 earnings and Fortescue Metals (FMG) will report its fourth quarter financial year production.
  • Unibail-Rodamco-Westfield (ASX:URW) reported its half year results, which saw its net rental income dropped 26.2% compared with first half 2020 results.
  • The oil price lifted about 1% toward the US$73 a barrel mark, after US inventories declined.
  • The gold price lifted about 0.48%, shaking off initial declines following Powell flagging lingering risks to the US economy from the delta variant.
  • Silver is trading 1.17% higher, while copper was down 1.47%, and the iron ore price traded down about 0.3% to US$214.

Trading ideas:

  • After reporting a better-than-expected second quarter, Bell Potter has once again maintained its BUY recommendation on location-based technology company Life360 (ASX:360) and increased its price target to $9.50 (previously $9.25). Life360 closed 1% higher yesterday to $8.00, which implies about 19% share price growth.
  • Bell Potter also maintained its BUY recommendation on software company Nitro Software (ASX:NTO) with an increased price target of $4.00 (previously $3.75). Nitro closed about 5% lower yesterday to $3.27, which implies about 22% share price growth.
  • Bullish charting signals have been identified in Raiz Invest (ASX:RZI), Tinybeans Group (ASX:TNY) and Sunrise Energy Metals (ASX:SRL) according to Trading Central.

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