Market wraps 24th February 2021

Morning Bell - Jessica Amir

The Aussie share market is likely to pull back 0.4% - which could rub out half of yesterday’s gain of 0.9%.

Commodity stocks are expected to charge again today, while tech stocks will likely move to a lower-gear following moves in overseas markets.

What to watch today:

  • The Iron Ore price hit a brand new 9.5-year high - US$175.50 – a level not seen since September 2011 as China demand remains strong and doubts about Brazilian shipments from Vale, the world’s top producer, linger on.
  • Copper rose 1.6%; the Coffee price hit a 2.5 year high and Oil holds steady at US$61.64.
  • Appen (ASX:APX) upgraded its outlook for FY21 expecting earnings to lift up to 28%.
  • Blackmores’ (ASX:BKL) profit beat expectations coming in at $18.9 million, beating the $9.1m expected
  • Woolworths (ASX:WOW) has declared its strongest half-year dividend in six years.
  • Mount Gibson Iron’s (ASX:MGX) half-year profit surged 67% on higher iron ore prices, despite sales falling. 
  • Silver Lake Resources (ASX:SLR) profit rose 48%.
  • Other companies reporting: Sydney Airport (ASX:SYD), WiseTech Global (ASX:WTC), Healius (ASX:HLS), Viva Energy (ASX:VEA), Helloworld (ASX:HLO).

Trading ideas:

  • Bell Potter upgraded Mader Group’s (ASX:MAD) Buy rating with an increased $1.28 price target.
  • Bell Potter upgraded Monadelphous’ (ASX:MND) Buy rating with a price target of $14.40.
  • Austral Gold (ASX:AGD), Uniti Group (ASX:UWL) and Iron Road (ASX:IRD) are giving off bullish charting signals according to Trading Central.