Market wraps 17th March 2021
Morning Bell - Jessica Amir
US stocks treaded water overnight, with trading cautious ahead of the US Central bank’s decision on interest rates. Although US rates are expected to remain on hold at 0.25%, the world is awaiting to see what the Fed will say about inflationary concerns, which have been pushing up safe haven bonds, to a year high.
What to watch today:
- Yesterday the local share market gained 0.8%, with most sectors making gains yesterday but Mining and Energy.
- Today, the Aussie share market could lose half of yesterday’s gain and fall 0.4% - if the futures are correct.
- Keep an eye on tech stocks: Afterpay (ASX:APT) just launched a new sales campaign.
- Auckland Airport (ASX:AIZ) announced traffic numbers for February, with traffic falling 71%. AIZ traders think the worst is over and its shares are in a technical share price break out suggesting its stock could grow further following 6 days of gains.
- The small frequently traded lithium company Lake Resources (ASX:LKE) announced it has the ability to potentially increase lithium production.
- Separately commodity screens were quiet: Gold, Silver, Copper and Oil didn’t move much from the prior session.
- The iron ore spot price sank almost 6% seeing BHP and Rio in New York fall. So you might have your day to top up iron stocks today.
- After PointsBet Holdings (ASX:PBH) rose about 4% yesterday, Bell Potter reiterated the stock as a Speculative Buy with a $20.55 target.
- De Grey Mining (ASX:DEG), Sovereign Metals (ASX:SVM) and King Island Scheelite (ASX:KIS) are giving off bullish charting signals according to Trading Central