Market wraps 27th November 2020
Morning Bell - Jessica Amir
The ASX200 is eyeing a 0.2% fall at the open.
Wall Street was closed overnight as it’s thanksgiving in the U.S..
The European Central Bank (ECB) warned that European banks won’t see profits return to pre-COVID-19 levels until after 2022.
What to watch today:
- About 80 Australian coal carrying ships holding around $1.1 billion of coal are being held up at Chinese ports. So keep an eye on stocks like Whitehaven Coal (ASX:WHC), New Hope (ASX:NHC), Washington H Soul Patts (ASX:SOL) and Stanmore Coal (ASX:SMR).
- Australian Finance Group (ASX:AFG), Money3 Corporation (ASX:MNY) and Omni Bridgeway (ASX:OBL) hold their AGMs today.
Local trading ideas:
- Bell Potter upgraded one of Australia’s largest scaffolding companies, Acrow Formwork & Construction Services (ASX:ACF), to a Buy with a new $0.40 price target, implying 10% upside in a year.
- Tissue regeneration company Aroa Biosurgery (ASX:ARX) was reiterated as a Speculative Buy by Bell Potter with a $2.00 target, implying 59% upside in a year.
- UBS upgraded Galaxy Resources (ASX:GXY) on the improving lithium market.
- Syrah Resources (ASX:SYR) was upgraded by UBS to a Buy on the graphite market reaching a turning point.
- Oz Minerals (ASX:OZL), Arena REIT (ASX:ARF) and Saracen Mineral Holdings (ASX:SAR) are all showing bullish charting signals according to Trading Central.