Market wraps 1st June 2021
Morning Bell - Paulina Peters
Aussie equities managed to extend their monthly run of gains to 8 months in May. That’s the longest stretch in 14 years, despite yesterday’s slight dip given Melbourne’s COVID-19 outbreak spread, as well as Nuix (ASX:NXL) shares tumbling 17.8%.
The Aussie share market looks set to open 0.43% lower, amid a lack of direction from overseas, with both the US and UK markets closed for holidays.
European markets closed lower as investors digested inflation data. Spain saw its highest inflation reading in four years. Both the German Dax and France’s CAC dropped 0.6%, while the FTSE closed slightly up.
Watch to watch today:
- The RBA holds its monthly interest rates decision meeting with rates expected to hold at 0.1%.
- The Oil price rose on Monday, with the WTI crude trading around US$67 a barrel, boosted by prospects of strong fuel demand in Europe and China. Investors now anticipate the OPEC meeting this week for supply guidance.
- The Gold price continues to hold firm about the key US$1,900-level.
- The Iron Ore price bounced in line with Chinese steel prices.
- The most traded stocks by Bell Direct clients yesterday: Computershare (ASX:CPU), PPK Group (ASX:PPK) and Andromeda (ASX:ADN). And the most traded stocks by our advised clients were Healius (ASX:HLS), Betmakers Technology Group (ASX:BET) and Coles (ASX:COL).
- Bell Potter have areiterated their BUY recommendation for the second largest private provider of death services in Australia and New Zealand, Propel Funeral Partners (ASX:PFP) with an increased price target of $4.15 (previously $3.50). Yesterday, PFP closed 8.5% higher to $3.70, which implies about 12% share price growth.
- Bell Potter has also maintained their BUY recommendation for technology hardware and equipment business, EROAD (ASX:ERD), with an increased price target of $6.05 (previously $5.62).
- Genex Power (ASX:GNX), Novatti Group (ASX:NOV) and Access Innovation Holdings (ASX:AIM) are all giving off bullish charting signals according to Trading Central.