Market wraps 25th February 2021
Morning Bell - Jessica Amir
The broad Aussie share market is down 0.2% this week, but the futures are suggesting a 0.7% rebound.
Local tech stocks are down 8.5% this week, that’s the tech sectors biggest drop since March last year.
What to watch today:
- Afterpay (ASX:APT) reported net transaction margin rose much more than expected, while it reported a loss when the market expected a profit. They also announced a $1.25 billion capital raise.
- Other company results to watch: Z1P, LNK, FLT, QAN, RRL, GXY, ILU, SFR, GOZ, MSB, HUB, PGL, IFM, SXL, QUB, SSM, and TPG.
- Commodity stocks are expected to rally again
- Engineering, construction and developing companies could turbocharge in Queensland as Brisbane has been named as the ‘preferred city’ to host the 2032 Olympic Games.
- Bell Potter upgraded Acrow Formwork & Construction Services’ (ASX:ACF) Buy rating with an increased $0.42 target as ACF continues to benefit from the lift in construction and infrastructure developments.
- Bell Potter upgraded City Chic Collective’s (ASX:CCX) Buy rating with a price target of $4.60 after the company saw earnings rise more than expected.
- oOh!media (ASX:OML), Gascoyne Resources (ASX:GCY) and Hastings Technology (ASX:HAS) are all giving off bullish charting signals according to Trading Central.