Market wraps 11th June 2020
Morning Bell - Jessica Amir
Aussie equities have gained for 7 straight days and closed at a new 3-month high yesterday, but the futures are suggesting a fall of 1% at the open following the S&P500 and the Dow losing 0.5% and 1% respectively overnight.
What to watch today:
- Kathmandu Holdings (ASX:KMD) received some heavy weight buy in, with fund managers Harbour Asset Management buying 8.3% of its shares.
- Newcrest Mining (ASX:NCM) announced positive drill results at its WA and Canadian mines with plans for expansion.
- Alliance Aviation (ASX:AQZ) entered a trading halt pending capital raising. Its shares have gained 221% from COVID-19 lows, hitting a new all time high.
Local trading ideas:
- Bell Potter upgraded intellectual property firm IPH’s (ASX:IPH) price target to $8.70 after the firm announced the purchase of a well established IP NZ business for $7.4 million. IPH is a Bell Potter buy, but Macquarie is more bullish with a $9.60 target.
- Bell Potter upgraded building and construction business Johns Lyng Group's (ASX:JLG) price target to $2.90 after JLG announced record job volumes in the second half.
- UBS reiterated WorleyParsons (ASX:WOR) as a buy with a $11.75 target after the company unveiled a new cost cutting project.