Morning Bell 29 March

Bell Direct
March 29, 2021

US stocks ended higher on Friday, with the benchmark index the S&P500 rising 1.7% to a record high, while Nasdaq ended up 1.2% as investors continue to chase stocks benefiting from the economy reopening. BHP and Rio Tinto listed in the US, both rose 3.9%, after the oil price rebounded, while the copper price jumped over 2%  back to it’s 10 year high neighbourhood, supported by better than expected economic growth numbers from the US last week.

What to watch today:

  • Futures suggest a rise of 0.7% after the market rose 1.2% last week – its biggest gain in 5 weeks.
  • Key economic data: building permits for February are released on Wednesday, Australian import and export data will be released on Thursday. Additionally on Thursday, retail and home loan data is set to be released.
  • Stocks benefiting from the economic recovery in light of NSW and VIC restrictions have eased: Centuria Capital (ASX:CNI), Redcape Hotels (ASX:RDC), APN (ASX:ADI), Charter Hall Long WALE (ASX:CLW), Centuria Office REIT (ASX:COF)
  • Oil stocks are likely to rebound as the oil price jumped 4% on Friday, following the Suez blockage.
  • 88 Energy (ASX:88E) has been one of the most traded stocks over the past few weeks, and today it announced much awaited drill results from Alaska.
  • The most traded stocks from our active trader desk, Bell Direct Advantage were: Digital Wine Ventures (ASX:DW8), Creso Pharm (ASX:CPH) and Airtasker (ASX:ART).

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