Market wraps 1st March 2021
Morning Bell - Jessica Amir
A bit of a rebound is on the cards to kick off March. The futures are suggesting the Aussie share market will lift 0.4% at the open.
This comes as the iron ore price rose, while big US tech names rebounded at the weekend, as bond yields retreated from their one-year peak.
What to watch today:
- Tech stocks are expected to see a bit of excitement and buying the dip action today.
- Cyclical stocks like banks, energy, mining and industrial companies, could see some extra buying this week.
- Keep your eye on aged care companies: Estia (ASX:EHE) and Regis (ASX:REG) as the Aged Care Royal Commission is due to hand down about 100 recommendations for the sector today.
- Commodity stocks will see mixed action today. Oil fell 3% to US$61.50. Gold tumbled 3%. Silver fell 3%. Iron ore rose 0.6% and the coal price rose almost 2%.
- Eco data out this week: home loan application data for Jan is out today, the RBA meets tomorrow to decide on interest rates & economic growth data for the last quarter of 2020 is out on Wednesday.
- BWX (ASX:BWX) had its Buy rating upgraded by Bell Potter, with an increased $5.40 target. BWX was upgraded factoring in new partnerships, sales agreements, and its increased global presence.
- UBS reiterated its Buy recommendation on coal giant, Whitehaven Coal (ASX:WHC) with a $2.30 price target. With the stock WHC up 25% in 6-months, and coal prices continuing to recover, UBS sees stronger returns to shareholders.
- OFX Group (ASX:OFX), Macmahon Holdings (ASX:MAH) and Mortgage Choice (ASX:MOC) are giving off bullish charting signals according to Trading Central.