Market wraps 24th June 2021
Morning Bell - Paulina Peters
Yesterday, the Aussie share market fell 0.6% to about 7,299 points.
Today, the Aussie share market looks set to fall again, with the futures suggesting the market will open 0.4% lower. This comes as NSW COVID-19 cases continuing to rise and the enforcement of new restrictions taking place, with the potential for further restrictions to be set in place in today’s update.
What to watch:
- Following New Zealand enforcing a 72 hour pause on the NSW/ New Zealand travel bubble, Air New Zealand (ASX:AIZ) shares fell 1.7% and Sydney Airport (ASX:SYD) shares fell 2.2%.
- Oil is holding at its record of US$73 a barrel, as US supplies tightened and the US dollar retreated, making it less expensive for buyers holding other currencies.
- While rate hike concerns were eased by the US Fed yesterday, it wasn’t enough to lift the Gold price, which trades slightly lower, about 0.1%.
- The iron ore price is trading higher approximately 0.2%.
- The most traded stocks by Bell Direct clients and advised clients were Commonwealth Bank (ASX:CBA) and ANZ Bank (ASX:ANZ). Bell Direct clients also traded TechnologyOne (ASX:TNE).
- Bell Potter have a BUY rating on Adacel Technologies (ASX:ADA) with a price target of $1.25. ADA is a global technology company that develops and implements air traffic management systems and air traffic control stimulation. ADA closed up about 4% yesterday, which implies 37% share price growth.
- Bell Potter also have a BUY rating on Australia’s leading avocado grower, Costa Group Holdings (ASX:CGC) with a price target of $4.30.
- K-TIG (ASX:KTG), Osteopore (ASX:OSX) and Compumedics (ASX:CMP) are all giving off bullish charting signals according to Trading Central.