Desktop Broker TV

Market wraps 24th September 2020

Morning Bell - Jessica Amir

The Aussie share market is eyeing a red start with a fall of almost 1% at the open. U.S. equities fell lower overnight as lawmakers struggled to progress a new stimulus deal, despite the Fed Reserve calling upon fiscal help to support the U.S. economy.

What to watch today:

  • With the rise of the U.S. dollar, keep an eye on the ETF USD and companies that could benefit from the fall of the Aussie dollar including ResMed (ASX:RMD), CSL (ASX:CSL) and James Hardie (ASX:JHX).

Local trading ideas:

  • Service Steam (ASX:SSM) was upgraded by Bell Potter as a buy with a $2.30 price target after NBN Co. announced $4.5b of new network investments, which will see additional fibre laid out for connections, upgrades to business networks and large-scale investments across regional areas which will provide tailwind for SSM.
  • Agri chemical company Nufarm (ASX:NUF), was upgraded by UBS as a buy with a new $5.25 price target.
  • Harvey Norman (ASX:HVN), Domino’s Pizza (ASX:DMP) and Reece (ASX:REH) are giving off strong bullish charting signals according to Trading Central.