Market wraps 4th August 2021
Morning Bell - Jessica Amir
The Aussie share market is likely to head back into record high territory today. The futures are suggesting a rise of 0.1%.
What to watch today:
- The iron ore price has stabilised. Spot iron ore prices rose 0.3%, and seaborne iron ore prices held steady after a 14% fall in the previous selling. This supported investors buying into BHP In New York overnight, helping BHP shares rise 1.7%. Therefore, (ASX:BHP) and other iron ore stocks on the ASX are likely to follow.
- The oil price fell slightly 0.3% to US$70.35.
- Consumer Confidence data to be released for August. Keep an eye on the reaction in consumer spending stocks.
- BWP Trust (ASX:BWP) released their earnings. Headline profit fell about 3% to $114 million, slightly under what the market expected of $114.7 million in profit.
- GUD Holdings (ASX:GUD) are set to report.
- Laybuy Group (ASX:LBY) was reiterated as a Bell Potter Speculative BUY, with a much slimmer price target of $1.20. This implies over 100% share price growth in a year.
- Chalice Mining (ASX:CHN), Nearmap (ASX:NEA), and Warrego Energy (ASX:WGO) are all giving off bullish charting signals, according to Trading Central.