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Morning Bell 7 March

Sophia Mavridis
March 7, 2022

On Friday the ASX200 dropped 0.6%, with the tech sector down the most, after making solid gains earlier in the week.

Some big tech names were among the worst performing stocks, including Tyro Payments (ASX:TYR), EML Payments (ASX:EML), Zip (ASX:Z1P) and Block (ASX:SQ2).

Meanwhile, gold miners made the most gains as the spot price rose. Perseus Mining (ASX:PRU), Newcrest Mining (ASX:NCM) and Gold Road Resources (ASX:GOR) were the top three stocks on Friday.

The most traded stocks by Bell Direct clients on Friday were Santos (ASX:STO), Mineral Resources (ASX:MIN), and BHP Group (ASX:BHP).

As the invasion of Ukraine continues to rattle global markets, European markets had the worst week since March 2020. US equities also closed in negative territory. The Dow Jones down 0.5%, the S&P500 down 0.8%, while the Nasdaq fell 1.7%. This was despite a better-than-expected US jobs report. The US unemployment rate was down to 3.8%.

What to watch today:

  • The SPI futures are suggesting the local market will rise 0.4% higher at the open this morning.
  • The strong oil rally continues. Oil is trading 7% higher and reached US$115 a tonne This is as the US looks to cut off US imports of oil and petroleum products to Russia. Additionally, OPEC will remain with the existing agreement for a gradual increase in production.
  • Energy prices were higher across the broad after news that Russian troops had attacked a nuclear power plant in Ukraine.
  • Gold is higher at US$1,970 an ounce, and seaborne iron ore is higher at US$152 a tonne.
  • In economic data, today Australian job advertisement data will be announced for February.
  • And some stocks set to go ex-dividend today include CSL (ASX:CSL), Australian Financial Group (ASX:AFG), Altium (ASX:ALU), Bendigo and Adelaide Bank (ASX:BEN), and Northern Star Resources (ASX:NST).

Trading Ideas:

  • Bell Potter maintain their Speculative BUY rating on Chalice Mining (ASX:CHN) and have decreased their valuation to $12.02. Bell Potter says the company has demonstrated resource growth potential and the commencement of regional exploration programs signal potential positive news flow on ongoing exploration success. Macquarie also have an Outperform rating on the stock and a $10.55 price target.
  • Trading Central have identified a bullish signal in EMvision Medical Devices (ASX:EMV), indicating that the price may rise from the close of $1.98 to the range of $2.25 to $2.31, over 29 days.

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