Skip to main content

Morning Bell 3 September

Sophia Mavridis
September 3, 2021

Yesterday the ASX200 closed in the red, down 0.55%, as investors took profits from several companies trading ex-dividend.

In New York, all three major indices closed with gains. The S&P500 and the Dow Jones closed higher 0.3% and 0.4% respectively. While the Nasdaq advanced 0.1%.

Following US equities, the SPI futures are suggesting the ASX200 will open 0.2% higher.

What to watch today:

  • In economic news, yesterday Australia’s Balance of Trade data was released. In July, trade surplus rose by $1 billion, to a record high of $12.1 billion, after June’s reading was upwardly revised to $11.1b. The $12.1b reading was well above the market consensus of $10.2 billion. And today, the Markit Services PMI for August will be released at 9am AEST.
  • Companies going ex-dividend today include Ampol (ASX:ALD), Bendigo and Adelaide Bank (ASX:BEN), Cyclopharm (ASX:CYC), People Infrastructure (ASX:PPE) and Resimac Group (ASX:RMC).
  • One of the most traded stocks by Bell Direct clients yesterday was Fortescue Metals (ASX:FMG). Its share price was under pressure due to the weakening iron ore price, which fell to a 7-month low this week. Flight Centre (ASX:FLT) was also one of the most traded stocks yesterday, after announcing a joint venture with a travel management business in Japan.
  • The oil price is trading 2.4% higher at US$69 a barrel.
  • Gold is trading lower at US$1,809 an ounce, awaiting the US government employment report and the Fed’s decision.
  • And the iron ore price is trading 1.8% lower at US$140 as China looks to flatline its output of steel.

Trading ideas:

  • Bell Potter have upgraded their rating on biotechnology company Imugene (ASX:IMU) from a HOLD to a Speculative BUY, and have increased their price target from $0.25 to $0.52. The upgrade comes after IMU announced 3 separate studies that have the potential to be attractive to future development partners. IMU closed at $0.30 yesterday, implying 30% share price growth in a year.
  • Bullish charting signals have been identified in Azure Minerals (ASX:AZS), HomeCo Daily Needs (ASX:HDN) and BARD1 Life Sciences (ASX:BD1), according to Trading Central.

Morning Bell 6 May

Grady Wulff
May 6, 2024

Weekly Wrap 3 May

Sophia Mavridis
May 3, 2024

Morning Bell 2 May

Sophia Mavridis
May 2, 2024

Morning Bell 1 May

Grady Wulff
May 1, 2024

Morning Bell 30 April

Grady Wulff
April 30, 2024

Morning Bell 29 April

Grady Wulff
April 29, 2024

Morning Bell 26 April

Sam Kanaan
April 26, 2024

Morning Bell 24 April

Grady Wulff
April 24, 2024

Morning Bell 23 April

Sam Kanaan
April 23, 2024

Morning Bell 22 April

Grady Wulff
April 22, 2024