Desktop Broker TV

Market wraps 10th June 2020

Morning Bell - Jessica Amir

The ASX200 is eyeing a fall of 1.6% at the open following yesterday's gain of 2.4%, taking the total gain from the March lows to 36%.

Trading ideas for today:

  • CSL (ASX:CSL) was reiterated by Citi as a buy with a price target of $334, while UBS targets $335. CSL’s recent success has been in 1- the acquisition of kidney treatment company Vitaeris, 2-the results of phase 2 clinical trial of for hereditary angio-edema (HAE), and 3 - CSL’s latest involvement in the development of a COVID-19 vaccine.
  • Bell Potter upgraded Auswide Bank (ASX:ABA) to a buy, and increased its price target to $5.15
  • Bell Potter downgraded Flight Centre (ASX:FLT) to a hold from a buy, noting its 96% gain from COVID-19 lows outpaces the company’s fundamentals. 
  • Macquarie raised City Chic Collective (ASX:CCX) price target by 20% to $3.25 from yesterday's close of $2.80. The plus size women’s retailer CCX, is also a Bell Potter buy as it has been having great online trade success.

Investors will be watching:

  • NZ infrastructure company Infratil (ASX:IFT) announced it secured $250 million NZD from an Institutional Share Placement. So its shares could come under pressure once the new shares are placed onto market. 
  • Stockland (ASX:SGP) and Smartgroup (ASX:SIQ) hold their AGMs today 
  • In the US this evening, inflationary data for May is out ahead of the Fed’s Thursday interest rate decision, with rates tipped to remain at 0.25%.