Market wraps 23rd February 2021
Morning Bell - Jessica Amir
The Aussie share market futures are suggesting a 0.2% rebound. Commodity stocks are set to lift the market, while the vaccine rollout continues to lift sentiment - with Australia awaiting the second shipment of Pfizer vaccines today.
What to watch today:
- Commodity stocks will dominate headlines and will likely continue to do so this year as prices continue to rise on Chinese demand and lack of supply.
- Iron ore darling stocks like Fortescue Metals (ASX:FMG), BHP (ASX:BHP), Rio Tinto (ASX:RIO) and Mineral Resources (ASX:MIN).
- Oil stocks will be in focus – Oil price jumped 4% to US$61.69 – with the price likely to continue to push up, as US oil rigs remain shut due to a cold weather snap, while oil demand continues.
- Silver and copper stocks also on the radar – Silver rose 3.5% and Copper surged 1.5%
- Results out of the gate today: Adbri (ASX:ABC) - NPAT hit $93.7m, which is weaker than the $104m expected. Alumina (ASX:AWC) announced profit fell 31% to $US147m. Disappointing shareholders expecting US$183m. HUB24 (ASX:HUB) announced its profit rose 19% in the half-year and it declared a record dividend. Macmahon Holdings (ASX:MAH) announced its profit rose 56% in the half-year to $44.8 million.
- Bell Potter upgraded Costa Group’s Ltd (ASX:CGC) Buy rating with an increased $5.10 price target after CGC’s profit rose 100%.
- Bell Potter reiterated Senex Energy’s (ASX:SXY) Buy rating with a price target of $0.46.
- Champion Iron (ASX:CIA), Piedmont Lithium (ASX:PLL) and NZME (ASX:NZM) are all giving off bullish charting signals according to Trading Central.