Market wraps 23rd November 2020
Morning Bell - Jessica Amir
The ASX200 is set to gain 0.4% at the open.
The NSW and Victorian border is open after 138 days of being closed.
COVID-19 cases are continuing to rise in the U.S., up 24% last week. This saw JP Morgan downgrade the U.S. first quarter 2021 economic growth to be -1%.
In New York, BHP and Rio gained about 1% each so it’s likely to be a positive day for some locally listed commodity stocks.
What to watch today:
- Bubs Australia (ASX:BUB) holds its AGM today.
- Amcor (ASX:AMC) and Elders (ASX:ELD) go ex-dividend today.
- Economic news this week: Manufacturing data is out today, RBA Governor speaks tomorrow and construction numbers are out Wednesday. Around the globe this week, both U.S. and European banks will release their most recent meeting minutes.
Local trading ideas:
- AMA Group (ASX:AMA) was reiterated as a Bell Potter Buy with an increased target of $1.00, implying 33% upside in a year.
- Footwear business that owns Athlete’s foot, Accent Group (ASX:AX1), was upgraded by Bell Potter, increasing its Buy rating and target to $2.15, implying 13% upside in a year.
- Tesserent (ASX:TNT), Centuria Capital (ASX:CNI) and Sealink Travel Group (ASX:SLK) are all showing bullish charting signals according to Trading Central.