Market wraps 30th March 2021
Morning Bell - Jessica Amir
The Aussie market is eyeing a lift of 0.7% if you go by the futures. But the market will be mulling over travel and tourism stocks as Brisbane bunkers into a three day snap lockdown.
What to watch today:
- Profit reshuffles ahead of the quarter ending tomorrow – expect profit taking in stocks that have had a good rally like banks, travel and tourism stocks. While tech stocks could rally as fund managers attempt to bring their portfolio and asset allocations back into line.
- AGL (ASX:AGL) announced it will split its business into two - one entity which it’s calling New AGL will create low carbon energy powering 30% of Australia’s households. The other entity PrimeCo will provide 20% of the nation’s energy into the grid via its thermal coal.
- Commonwealth Bank (ASX:CBA) is due to pay out $1.50 per share in dividends today, that’s worth about $2.6 billion. Other large dividends getting paid out today are by Insurance Australia (ASX: IAG) and Northern Star (ASX:NST).
- Oil stocks will likely see a bit of price action today as Oil rose 1% ahead of an OPEC meeting, with production cuts expected - which supports the price of oil moving higher.
- As for other most traded stocks from yesterday at our active trader desk, Bell Direct Advantage they were: Fortescue Metals (ASX:FMG), Golden Mile (ASX:G88) and West Wits Mining (ASX:WWI).
Trading ideas:
- UBS upgraded online beauty retailer Adore Beauty Group (ASX:ABY) from a Hold to a Buy with a $6.20 target. ABY recently delivered a strong maiden result earnings (EBITDA) up 26%, which was ahead of UBS estimates.
- Car dealership company Eagers Automotive (ASX:APE) was also given a turnaround upgrade with Bell Potter moving it from a Hold to a Buy with a $15.50 target. Bell Potter sees APE’s earnings per share growing 10% thanks to the sale of its truck business.
- Bell Potter upgraded tech athlete management business Catapult Group (ASX:CAT) from a Hold to a Buy, rising its target to $2.25.
- BetMakers Technology (ASX:BET), Secos Group (ASX:SES) and Pointsbet Holdings (ASX:PBH) are giving off bullish charting signals according to Trading Central.