Market wraps 9th June 2020
Morning Bell - Jessica Amir
Aussie equites are eyeing another stellar start to the week, and the 6th straight day of gains with the futures suggesting a 0.7% lift at the open. This lift will push the ASX200 above the 6,000-point milestone. In other smashing news, the Aussie dollar soared to a 11-month high, 70.17 US cents.
What to watch today:
- Air New Zealand (ASX:AIZ) announced plan to start earning healthy profits again, even though it may be 70% less than pre-COVID-19 levels.
- Wesfarmers (ASX:WES) announced Officeworks sales are up 28% in the second half, Bunnings rose 19%, Kmart sales rose 4% and Target which it’s winding down, sales walk 2% down.
- OFX Group (ASX:OFX) goes ex-dividend today so we could see some selling.
- NAB (ASX:NAB) business confidence for May
Local Trading ideas:
- UBS rated Fortescue (ASX:FMG) as a Buy with a $14.50 price target, as its overseas competitor, Vales has been ordered to suspend operations in Brazil.
- UBS rose Zip’s (ASX:Z1P) price target to $5.60 and downgraded the stock to a hold ahead of the Quadpay deal being executed.
- Integrated Research (ASX:IRI) was rated a Buy by Bell Potter. Its shares to grow 16% to $4.25, the business expected to benefit from the shift to working from home
- Credit Suisse expects Kogan’s (ASX:KGN) share price will fall to $11.82 following its share price surge of 211% from the March low.