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Morning Bell 4 December

Sam Kanaan
December 4, 2023

Wall St rallied on Friday to close the week off strongly. The Dow Jones ended the trading week in the green up 0.82% with the S&P 500 and the tech-heavy Nasdaq both rising by 0.59% and 0.55% respectively.

Europe closed higher on Friday following a global rally in stocks and bonds. The STOXX600 ended the trading session up 1%, with mining stocks leading gains, up 4.2% after China’s manufacturing sector recording an unexpected expansion. Germany’s DAX rose 1.12%, the French CAC gained 0.48% and over in the UK, the FTSE100 ended the trading day just over 1% in the green.

Locally on Friday, the ASX200 closed 0.20% lower to end the trading week. Losses were led by the information technology and consumer staples sectors which lost 1.08% and 0.84% respectively. This was slightly offset by the energy sector which rose 0.12% on Friday.

What to watch today:

  • The Australian market is set to open higher, with the SPI futures suggesting a rise of 0.92% at the open this morning.
  • On the commodities front today,
    • Oil is down 2.49% to US$74.07/barrel as Saudi Arabia is expected to extend its voluntary cut of 1 million barrels a day.
    • Gold is up 1.78% to US$2071.96/ounce and iron ore is down 0.75% to US$132.50/tonne.

Trading Ideas:

  • Bell Potter maintains a buy rating on Develop Global (ASX:DVP) and has kept its 12-month price target steady at $4.30. The buy rating is maintained following the forthcoming restart of Woodlawn operations coinciding with growing revenue generation in the company’s underground mining services business. DVP was also awarded a $46 million underground development contract by the Mt Marion joint venture to establish and develop an exploration decline at the Mt Marion lithium mine in Western Australia.
  • And Trading Central has identified a bearish signal in Omni Bridgeway (ASX:OBL), indicating that the stock price may fall from the close of $1.47 to the range of $0.92-$1.02 on a pattern formed over 24 days, according to the standard principles of technical analysis.

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