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Morning Bell 8 July

Jessica Amir
July 8, 2021

The Aussie share market is set to open higher, with the futures suggesting a modest lift of 0.2% or 11 points.

What to watch today:

  • The NSW Treasury estimates that Sydney’s three week lockdown will cost the NSW economy $2.5 billion, with hospitality hit the hardest. Long term investors could take advantage of stocks pulling back as a result. Watch Endeavour Group (ASX:EDV).
  • The RBA Governor will give a speech on the labour market and interest rates today at 12:30pm AEST.
  • The oil price (WTI) briefly hit a new six year high before pulling back to US$72.00.
  • The iron ore price rose 0.2% to US$214.00.

Trading Ideas:

  • Speciality chemical business DGL Group (ASX:DGL) was reiterated as a Bell Potter BUY with an increased price target of $1.65, implying 18% share price growth in a year. DGL was listed this year on the ASX.
  • Medadviser (ASX:MDR), Ingenia (ASX:INA) and Altium (ASX:ALU) are all giving off bullish charting signals according to Trading Central.

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