Market wraps 18th March 2021
Morning Bell - Jessica Amir
The world breathed a huge sigh of relief overnight as the US Fed announced it won’t be hiking interest rates until at least 2023. So there was a flood of confidence and investors returned to economic comeback kids.
What to watch today:
- The market is expected to trade 0.2% lower today - ahead of release of employment data.
- Unemployment data is out at 11:30am. The rate is tipped to have dropped to 6.3% in Feb from 6.4% as 29,100 jobs are expected to have been added.
- Commonwealth Bank (ASX:CBA), the biggest bank in Australia is joining the BNPL party in Australia to take market share from Afterpay (ASX:APT) and Zip (ASX:Z1P).
- Commodity screens were mostly green overnight. Gold, Silver and Copper rose almost 1% or more. Oil retreated.
- Keep an eye on some of the most traded stocks from yesterday for our active trader desk, Bell Direct Advantage they were: Cannindah Resources (ASX:CAE), Renascor Resources (ASX:RNU) and IOU Pay (ASX:IOU).
- With people returning to the shops and employment improving, Australian Pharmaceutical Industries (ASX:API) was upgraded by Bell Potter as a Buy with a new $1.47 target. API’s share chart looks bullish too, from a technical perspective (with the 15 day average about to overtake the 30 day average).
- America Pacific Borates (ASX:ABR), Eclipx Group (ASX:ECX) and Pental (ASX:PTL) are all giving off bullish charting signals according to Trading Central.