Market wraps 30th November 2020
Morning Bell - Jessica Amir
The ASX200 is eyeing a lift of 0.6% at the open following a strong week on Wall Street, amid decreasing political uncertainty and positive vaccine news.
What to watch today and this week:
- Zip (ASX: Z1P) holds its AGM today. Although the Buy Now Pay Later provider recently released a trading update, today’s AGM may provide investors with a snapshot of November’s performance, as well as an update on further international expansion plans.
- Tomorrow afternoon will see the final meeting of the RBA for 2020.
- On Wednesday, RBA Governor Lowe will give testimony to Parliament, the same day the third quarter GDP report is released.
- Federal Reserve chairman Jerome Powell is poised to give testimony to Congress twice this week and the OECD are set to publish new global forecasts.
Local trading ideas:
- Bell Potter reiterated mining company, Mader Group’s (ASX:MAD) Buy rating and increased its price target marginally to $1.26. This follows easing interstate border restrictions and new hiring initiatives that continue to ease pressure on growth barriers in the strong WA market.
- Bell Potter retains its Buy rating on QANTM IP (ASX:QIP) with an unchanged 12-month price target of $1.60. Bell Potter believes QIP’s earnings are underpinned by relatively resilient industry drivers, with COVID-19 to date having limited impact on filing volumes.
- Noxopharm (ASX:NOX) and Jupiter Mines (ASX:JMS) are both showing bullish charting signals according to Trading Central.