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The local market climbed 0.25% on Friday as investors anticipated strong Black Friday sales demand would boost the beaten down consumer discretionary sector. Utilities stocks soared 5% on Friday, while materials and energy stocks were sold off.

The winning stocks on Friday were led by Nanosonics (ASX:NAN) lifting 11.06% on the back of Ord Minnett upgrading the company to a hold rating with an improved price target of $4.00. Ramelius Resources (ASX:RMS) jumped almost 7% on Friday and Virgin Money UK (ASX:VUK) rose 6.12%. On the losing end, Allkem (ASX:AKE) fell 8.61% on Friday, amid a sell-off in lithium stocks on reports that the price of lithium may have hit a price ceiling. Pilbara Minerals (ASX:PLS) and Lake Resources (ASX:LKE) also each fell 6.7% and 5.7% respectively.

The most traded stocks by Bell Direct clients on Friday were New Energy Solar (ASX:NEW), Pilbara Minerals (ASX:PLS) and Fortescue Metals Group (ASX:FMG).

Wall Street had a slightly mixed session on Friday as investors shifted focus to Black Friday online sales, which topped a record US$9 billion. Investor optimism was also boosted last week on renewed signs that the Fed’s may soon begin easing the aggressive rate hikes tackling inflation. Buy now pay later methods of purchasing goods during Black Friday sales rose 78% compared with the week prior as consumers turned to instalment payments amid rising interest rates. The Dow Jones rose 0.45% on Friday, while the Nasdaq and S&P500 each fell 0.52% and 0.03% respectively.

Over in Europe, markets closed flat with mining and financial stocks taking the biggest hit. Credit Suisse shares fell to a record low on Friday despite the company securing $4 billion from investors to fund its second strategic overhaul. The STOXX600 closed just 0.025% lower on Friday, Germany’s DAX rose 0.01%, the French CAC added 0.08% and the FTSE100 in the UK rose 0.27%.

What to watch today:

• Ahead of the local trading session the SPI futures are expecting the ASX to open 0.12% lower to start the new trading week.
• On the commodities front crude oil has dipped 2.31% to trade at US$76.28 per barrel, gold is up 0.07% at US$1756.2 per ounce, and iron ore is up 2.53% at US$101.50 per tonne.
• The Aussie dollar has strengthened to buy 67.19 US cents, 93.55 Japanese yen, 55.83 British pence and NZ$1.08.
• Taking a look at economic data out today, Australian preliminary retail sales data for October is out, giving an insight into whether consumers continued spending on retail in October as interest rates continue to rise. RBA governor Philip Lowe will also speak at 10am AEDT today giving an insight into the RBA’s interest rate stance moving forward.

Trading Ideas:

• Trading Central has identified a bullish signal on BetMakers Technology (ASX:BET) following the formation of a pattern over a period of 24-days, which is roughly the same amount of time the share price may rise from the close of $0.30 to the range of $0.35 to $0.37 according to standard principles of technical analysis.
• Bell Potter has downgraded its rating on Costa Group (ASX:CGC) from a Buy to a Hold on the grounds of continuing to see the issues of CY22 as largely seasonal rather than structural, however the recent share price recovery has seen the value equation shift back in favour of the other ASX listed horticultural exposures.