Market wraps 22nd March 2021
Morning Bell - Jessica Amir
The Aussie market is expected to have a soggy start the week, with the futures down 0.2%.
In the US, Tech stocks came back in favour while blue chip stocks were sold down. Investors took profits from banks following the US Central Bank deciding not to extend a leverage ratio for banks.
What to watch today
- A quiet week economically: manufacturing data and services sector data out for March on Wednesday.
- Following the US Tech rally: keep an eye on Afterpay (ASX:APT) & Zip (ASX:Z1P). They’re in downtrends but small cap IOU (ASX:IOU) added the Tech index from today – is breaking out. Also in the larger caps, it looks like Xero (ASX:XRO) looks like it’s attempting to break out.
- The vaccine rollout - 6 million Aussies will eligible for the jab from today, 1,000 GP clinics will offer the vaccine.
- The TGA approved AstraZeneca’s vaccine to be produced by CSL. So keep your eyes on CSL (ASX:CSL) even though they are in a downtrend
- Distressed Crown Resorts (ASX:CWN) received an $8 billion takeover offer valuing its shares at $11.85 a piece. On Friday CWN closed at $9.86. So now there’s a line-up of retail traders rushing to buy the stock now.
- Separately, commodity stocks will be back in focus. The Oil price jumped 2% to $61.42. Gold and Silver up 0.5%. While Iron Ore continues to head south.
- Nickel company Western Areas Ltd (ASX:WSA) was moved from a Hold to a Buy with a $2.45 target.
- Bell Potter initiated coverage of gas supplier Central Petroleum Ltd (ASX:CTP) with a $0.23 target.
- People Infrastructure (ASX:PPE), Hearts & Minds Investments (ASX:HM1) and Teaminvest Private Ltd (ASX:TIP) are all giving off bullish charting signals according to Trading Central.