Market wraps 28th July 2021
Morning Bell - Jessica Amir
The Aussie share market will likely open lower, with the futures suggesting a fall of 0.3%.
What to watch today:
- Inflation data will be released at 11:30am. The market expects consumer prices to grow 3.8% year on year. If inflation is higher than expected, further selling in the market may be seen today.
- At the NSW press conference at 11am this morning, the Premier will likely announce an extension to Sydney’s lockdown. Stocks that will be impacted include Shopping Centres Australasia (ASX:SCP) and Vicinity Centres (ASX:VCX). Further selling is also expected in travel businesses, including Flight Centre (ASX:FLT) and Ingenia (ASX:INA).
- Life360 (ASX:360) reported better than expected earnings results.
- IGO (ASX:IGO) reported quarterly results with NPAT up 981% and free cashflow up 122%.
- Rio Tinto (ASX:RIO) is due to report today after the market close.
- The oil price holds around US$72 a barrel. The copper price continues to rise 0.4%, while the iron ore price fell slightly.
- Ai-Media Technologies (ASX:AIM) is a Bell Potter BUY stock. It was upgraded with a new price target of $1.50, implying 63% share price growth in a year.
- QBE Insurance (ASX:QBE), Ampol (ASX:ALD) and Chimeric Therapeutics (ASX:CHM) are all giving of bullish charting signals according to Trading Central.