Market wraps 11th August 2020
Morning Bell - Jessica Amir
The Aussie share market put on a show yesterday rising 1.8% to a three-week high, and today the futures suggest the market will see a flat start, falling 0.05% at the open.
What to watch today:
- The RBA minutes will be released, which should reveal the details of how much money the central bank injected into the financial system, when the RBA purchased the Australian Government Securities earlier in August. The RBA did that to provide the government with capital and to also drop the bond yield to its target of 0.25%.
Companies reporting today:
- Challenger (ASX:CGF)
- Coronado Global Resources (ASX:CRN)
- James Hardie Industries (ASX:JHX)
- Janison Education (ASX:JAN)
- Shopping Centres Australasia Property Group (ASX:SCP)
Local trading ideas:
- Footwear business Accent Group (ASX:AX1) is showing a bullish uptrend according to Trading Central’s charting. Their chart suggests the stock could rise from yesterday’s close of $1.35 to $1.68 - $1.76 over 31 days. It’s a Bell Potter buy with a $1.80 price target.
- Bell Potter upgraded mining equipment business Mader Group's (ASX:MAD) buy rating and target to $1.22, implying a 42% share price growth from yesterday’s close price on the back of growth in the iron ore and gold industries.
- Following Aurizon Holdings (ASX:AZJ) providing its financial results, Citi has reiterated the stock as a buy, but it dropped AZJ’s target to $5.15 due to a lack of transparency in the outlook for coal.