fortescue metals group

The ASX200 advanced 2.54% this week (Mon - Thurs), buoyed by the Nasdaq and S&P500 hitting a 52-week high. The Dow Jones hit an all-time high, breaking through the 37,000 points barrier. The rally came after economic data showed inflation easing in the US and the Federal Reserve signalled rate cuts on the horizon in 2024.

The ASX took strong lead from Wall Street with rate-sensitive sectors leading the gains including the REIT sector rising 5.82%, while tech stocks jumped 4.9%.

In this week’s wrap, Grady covers:

• (0:26) key opportunities for investors to reposition their portfolios in 2024
• (0:37) what to consider in the healthcare sector
• (1:32) the outlook for gold heading into the new year
• (2:52) how retailers surprised the market in 2023
• (4:31) the best & worst performing stocks on the ASX200
• (5:11) the most traded stocks by Bell Direct clients this week
• (5:41) economic data to watch out for next week.

Read the transcript here.

Volatility in global markets continued into the last trading week of October, however, so far November has started on a green note across the key trading regions. Investors started buying again given Fed maintained the US cash rate for another term, eurozone inflation data came in at a 2-year low for October, and Australian quarterly company results showed resilience across some sectors.
Concurrently, governments worldwide are actively pressing forward with the transition to green energy with key commodities playing a vital role.

In this week's wrap, Grady covers:

• (0:33) geopolitical tensions and China’s recovery post-pandemic,
• (0:52) the rally of infrastructure investment company, Infratil,
• (1:02) governments pushing for a transition to green energy,
• (2:52) key commodities’ impact on the energy transition,
• (3:49) the $2 billion Hydrogen Headstart program,
• (5:11) the best performing stocks in the ASX200,
• (6:06) the most traded stocks & ETFs by Bell Direct clients, and
• (6:34) five economic news items to watch out for.

Wall Street closed mixed across the key indices on Friday, pushing the S&P500 into correction territory as the index is now down 10.3% since its 2023 peak in July. The Dow Jones fell 1.12%, and the S&P500 lost almost half a percent, but the Nasdaq rose 0.38% on Friday buoyed by Amazon jumping over 6% on better-than-expected earnings and revenue for the third quarter.

Investors in the US have assessed disappointing earnings results against economic uncertainty which have led to the S&P500 and Nasdaq now entering correction territory. For the trading week last week, all three key indices lost of 2% each. US equities were also pressured on Friday by investor fears of further interest rate hikes after U.S. GDP data showed the economy grew by 4.9% in the third quarter which well exceeded estimates.

Over in Europe, markets in the region closed lower as investor sentiment remains shaky on geopolitical tensions and economic instability. The STOXX600 fell 0.8%, weighed down by healthcare stocks falling 2.9, while Germany’s DAX lost 0.3%, the French CAC fell 1.36% and, in the UK, the FTSE100 shed 0.86% on Friday. NatWest shares fell 11% on Friday after the bank reported third quarter results that showed net interest margin declining.

Locally on Friday, the ASX200 rose 0.21%, but for the week the ASX200 fell 1.07% as investor fears of an RBA rate hike on Melbourne Cup Day rose on the back of stronger-than-expected CPI data released earlier last week. On Friday, consumer staples stocks did most of the heavy lifting to close 1.33% higher driven by Endeavour Group and Coles Group.

ResMed shares fell 4% on Friday after the healthcare company’s September quarter update outlined higher costs further dampened the company’s margins, while Silver Lake Resources and Champion Iron rose 7.7% and 6.9% respectively on Friday.

What to watch today: 

• Ahead of the local trading session here in Australia, the SPI futures are expecting the local market to open the first trading session of the new week down almost 1% following the turbulence on Wall Street on Friday.
• On the commodities front this morning, oil is up 2.18% at US$85.03/barrel, gold is up 1.08% at US$2006/ounce and iron ore is flat at US$120.50/tonne.
• We will be keeping a close eye on the retailers as Australia’s retail sales data for September is out at 10:30am AEDT with consensus expecting a rise of 0.3% from a 0.2% rise in August. Any slowdown in consumer spending may see further weakness in consumer discretionary stocks especially following some disappointing quarterly results out of retailers over the last week.
• AU$1.00 is buying 63 US cents, 94.79 Japanese Yen, 52 British Pence and NZ$1.09.

Trading Ideas:

• Bell Potter has downgraded the rating and price target on Clean Seas Seafood (ASX:CSS) from a buy to a hold and with a 12-month price target of 47cps, down from 60cps, following commentary made at the company’s AGM and on the release of a trading update. Clean Seas highlighted a more sombre trading update than Bell Potter expected including 1Q24 sales volume down 1% and frozen inventories up 44% YoY which is a trend Bell Potter would like to see reverse over the remainder of FY24. Average selling prices were also down 2% relative to average 2H23 pricing.
• And Bell Potter has increased the 12-month price target on Fortescue Metals Group (ASX:FMG) from $15.53 to $16.21 and maintain a sell rating on the mining giant following the release of the company’s September quarter trading update including iron ore shipments and cash costs missing expectations, and net debt increasing due to the distribution of dividends. The price target increase is due to favourable outlook for iron ore prices and foreign exchange forecasts.

Well looking at global markets overnight before jumping into the day ahead. US equities rallied higher, regaining ground in the last week of August, following a month of losses. The Dow Jones and the S&P 500 both gained 0.6%, while the Nasdaq advanced 0.84%, with Meta and Apple trading higher. However, the information technology sector of the S&P 500 is down almost 5% for the month, and all three major benchmarks have lost ground in August. 

European shares traded higher, as investors weighed the prospect of higher interest rates from the US Federal Reserve. Markets were closed in the UK for a public holiday. While Germany’s Dax and France’s CAC both advanced over 1%, and the STOXX600 gained 0.9%. 

What to watch today: 

• The SPI futures are suggesting that our local market will open 0.35% higher this morning. 
• In economic news, the RBA’s Deputy Governor Michele Bullock is set to give a speech at 11:30am AEST today. 
• And Reporting Season continues, so watch the share price movements of the company’s reporting today, including Cooper Energy (ASX:COE), Mineral Resources (ASX:MIN), Star Entertainment (ASX:SGR) and Tyro Payments (ASX:TYR) and Zip Co (ASX:ZIP). 
• Looking at commodities, 
  • Crude oil is in the green, extending gains for the third straight session, as risk sentiment improves. However, investors are still cautious about the prospect of higher global oil supply and weaker demand. 
  • Gold continues to advance as investors await US economic data out this week, which will likely guide the interest rate outlook. 
  • And iron ore continues to jump, currently up a further 1.3% at US$117.50 per tonne, reaching its highest level in a month, amid high hopes for strong demand from steel producers. 
• And there are a long list of companies set to go ex-dividend today. Remember this often sees share prices fall, as investors take their profits. A few today include Bega Cheese (ASX:BGA), Insurance Australia Group (ASX:IAG), Lottery Corporation (ASX:TLC) and Worley (ASX:WOR).

Trading Ideas:

• Bell Potter maintains their SELL rating on Fortescue Metals Group (ASX:FMG), after the mining giant reported its FY23 financial result, which was in-line to slightly below Bell Potter’s forecasts on an underlying basis. They’ve lowered their price target by 3% to $15.53 and at FMG’s current share price of $19.87, implying a 22% loss. 
• And Trading Central have identified a bullish signal in Helia Group (ASX:HLI), indicating that the stock price may rise form the close of $3.84 to the range of $4.09 to $4.15 over 20 days, according to the standard principles of technical analysis. 

The release of economic data around the world was the key driver of market movements this week in addition to speculation around China’s support policy announcement and investors responding to earnings season results. The Aussie share market rose 1.94% this week (Mon-Thu) with every sector posting a modest gain led by the Communication Services sector jumping 3.46%, while energy added 3.42% and REIT stocks felt some much-needed relief, lifting 3.32%.

In this week's wrap, Grady covers:

• (0:10) The release of economic data around the world
• (0:22) Two key reasons big miners stole the show locally
• (1:31) Updates on Rio Tinto (ASX:RIO) & Fortescue Metals Group (ASX:FMG)
• (4:33) Best performing stocks in the ASX200
• (5:39) The most traded stocks & ETFs by Bell Direct clients
• (6:14) Three economic news items to watch out for

The Aussie share market advanced 2.4% (Mon-Thu), driven by the materials sector jumping 5.04%, amid increasing commodity prices. Utilities and energy stocks also jumped over 3% each. The ASX200 felt some relief this week, after a few weeks of turbulence, as investor fears of a global banking crisis eased when regulators and industry bodies stepped in to support crumbling banks. 
 
 In this week's wrap, Grady covers:

• (3:10) The outlook for oil prices 
• (3:30) Stocks Bell Potter are bullish on
• (4:24) The best performing stocks in the ASX200
• (5:57) The most traded stocks & ETFs by Bell Direct clients
• (6:35) Four economic news items to watch out for 

The Aussie share market advanced 0.38% (Mon-Thu), shaking off some of the negative offshore macro-economic events. Meanwhile, investors fled energy and materials stocks, as these sectors fell with commodity prices, partly due to a weaker than usual demand out of China.

In this week’s wrap, Grady covers:

• (1:08) Global macro themes impacting investments 
• (2:34) The Fed’s monetary tightening impact on commodities
• (3:24) Why investors are fleeing small & mid-cap resources stocks
• (4:21) The best performing stocks in the ASX200
• (5:18) The most traded stocks & ETFs by Bell Direct clients
• (5:51) Four economic news items to watch out for

The Aussie share market declined 0.71% (Mon-Thu), with energy and materials stocks the only two sectors to close in positive territory. This week, rising commodity prices were boosted by favourable manufacturing data in China, as the country's economy reopens post-pandemic.

In this week's wrap, Grady covers:

• (1:29) The sectors thriving in tough market conditions
• (3:14) What to expect from the RBA next week
• (4:35) The best performing stocks in the ASX200
• (5:33) The most traded stocks & ETFs by Bell Direct clients
• (6:20) Four economic news items to watch out for

Welcome to The Hydrogen Podcast!

In episode 185,  Nikola announces their new Hyla brand and plug power pulls out of their deal with Fortescue Metals Group. All of this on today's hydrogen podcast.


Thank you for listening and I hope you enjoy the podcast. Please feel free to email me at info@thehydrogenpodcast.com with any questions. Also, if you wouldn't mind subscribing to my podcast using your preferred platform... I would greatly appreciate it. 

Respectfully,
Paul Rodden


VISIT THE HYDROGEN PODCAST WEBSITE
https://thehydrogenpodcast.com

CHECK OUT OUR BLOG
https://thehydrogenpodcast.com/blog/

WANT TO SPONSOR THE PODCAST? 
Send us an email to: info@thehydrogenpodcast.com

NEW TO HYDROGEN AND NEED A QUICK INTRODUCTION?
Start Here: The 6 Main Colors of Hydrogen

The local market dipped 0.72% on Friday, ending the recent rally, as investors await the RBA’s interest rate decision for December out on Tuesday this week. The gold miners had a run on Friday as investors piled into gold stocks on the back of a rise in the price of the precious commodity, while investors fled REIT stocks in anticipation of the RBA’s latest rate hike announcement on Tuesday. REIT stocks have faced a tough run in 2022 as every interest rate hike implies further dent into real estate company balance sheets.

The winning stocks on Friday were led by St Barbara (ASX:SBM) jumping 10.40% amid the rising price of gold, while Capricorn Metals (ASX:CMM) and Silver Lake Resources (ASX:SLR) each added just over 8% and 7% respectively at the closing bell on Friday. On the losing end, Corporate Travel Management (ASX:CTD) fell 5.85% on Friday despite no price sensitive news out of the travel company on Friday. Meanwhile IPH (ASX:IPH) and Charter Hall (ASX:CHC) each also fell 5.15% and 5.13% respectively to close out the week.

The most traded stocks by Bell Direct clients on Friday were Karoon Energy (ASX:KAR), Alcidion (ASX:ALC) and Fortescue Metals Group (ASX:FMG).

Wall Street also finished the last trading session of the week mixed across the key indices as non-farm payrolls data for November was released, coming in a lot stronger than expected which leaves the door open for the Fed’s to consider continued aggressive interest rate hikes to tackle the red-hot inflation in the region. The Dow Jones added just 0.1%, the S&P500 was unchanged and the Nasdaq fell 0.18%. Nonfarm payrolls data for November showed the US economy added 263,000 jobs for the month which beat consensus expectations for an increase of 200,000. While this is just one market report, it comes at a time where there was also a recent upside surprise on wage growth and weakening participation rate. Wages growth in inflation is a bad thing as wages are a large share of company costs, so when wages rise companies continue raising prices to counter the wage cost increase on finances. Investors and the market will now shift focus in the US to the upcoming CPI data for November out on December 13.

Over in Europe, stocks closed mixed across the European markets as investors react to US jobs data and the ongoing debate around a price cap on Russian oil. Oil and Gas stocks led losses across markets after the EU tentatively agreed to a $60/barrel price cap on Russian seaborne oil according to Reuters. Germany’s DAX closed Friday’s session 0.27% higher, while the French CAC fell 0.17% and, in the UK, the FTSE100 fell just 0.03%.

What to watch today:

• Ahead of the local trading session here in Australia, the SPI futures are expecting the market to recover from Friday’s sell-off to open 0.26% higher.
• Taking a look at commodities to start the week, it’s a red start across the board with Crude Oil trading down 1.53% at US$79.98 per barrel, natural gas is down 7.53%, gold is down 0.31% at US$1797.35 per ounce but iron ore is up 1.43% at US$106.50 per tonne.
• The Aussie dollar has strengthened to buy 67.9 US cents, 91.28 Japanese Yen, 55.35 British Pence and NZ$1.06.
• In terms of economic data out today, local investors will be keeping an eye out for Australia’s global services PMI final data for November, and company gross profits for the third quarter.

Trading Ideas:

• Trading Central has identified a bullish signal on Red 5 (ASX:RED) following the formation of a pattern over a period of 48-days which is roughly the same time the share price may rise from the close of $0.20 to the range of $0.23 to $0.24 according to standard principles of technical analysis.
• Bell Potter has maintained a buy rating on IPD Group (ASX:IPG) but has increased the price target from $2.25 to $3.35 following a new cyclical trend noticed in demand for electrification which IPD Group is

Welcome to The Hydrogen Podcast!

In episode 103, Another huge announcement out of Europe as they look to Fortescue, and Australia and hydrogen to further replace Europe's reliance on Russian gas. I'll dive into it today on the hydrogen podcast.

Thank you for listening and I hope you enjoy the podcast. Please feel free to email me at info@thehydrogenpodcast.com with any questions. Also, if you wouldn't mind subscribing to my podcast using your preferred platform... I would greatly appreciate it. 

Respectfully,
Paul Rodden


VISIT THE HYDROGEN PODCAST WEBSITE
https://thehydrogenpodcast.com

CHECK OUT OUR BLOG
https://thehydrogenpodcast.com/blog/

WANT TO SPONSOR THE PODCAST? 
Send us an email to: info@thehydrogenpodcast.com

NEW TO HYDROGEN AND NEED A QUICK INTRODUCTION?
Start Here: The 6 Main Colors of Hydrogen

Rising bond yields and stagflation fears weighed down on the market yesterday and the ASX200 closed in the red. 

In New York overnight, all three major indices closed lower, amid rising oil prices and economic worries. 

Following US equities, the SPI futures are suggesting the ASX200 will fall 0.3% at the open this morning. 

What to watch today:

• In economic news, business confidence data for September will be released at 10:30am AEDT. The business confidence index rose to -5 in August from -7 in July. Forecasts expect the index to rise to -2 in September. Confidence has been improving in transport, finance, business and property, while remaining weak in construction, mining and retail. 
• Keep watch of petroleum company Ampol (ASX:ALD). The company will acquire all of Z Energy shares (ASX:ZEL) for NZ$3.78 cash per share. This is a $1.9 billion acquisition that looks to fast track a transition to electric vehicles. ZEL rose 5.9% yesterday, while ALD rose 2.9%. 
• One of the most traded stocks by Bell Direct clients yesterday was Star Entertainment (ASX:SGR). Its share price tumbled 22.9%, amid suspected money laundering, fraud and organised crime at its casinos. Bell Direct and advised clients were also trading BHP (ASX:BHP) and Fortescue Metals (ASX:FMG), after the iron ore price jumped as Chinese markets returned from national holidays. FMG, which is currently a Bell Potter BUY, has also just announced its plans to build a hydrogen-equipment factory in Gladstone in Central Queensland.   
• Reece (ASX:REH) is set to go ex-dividend today. 
• The oil price continues to trade higher, above US$80. Crude oil futures rose to a record high US$82.14 a barrel.
• Spot gold is trading steady, while copper is higher. While the seaborne iron ore price has jumped more than 6%, trading at US$130.24 a tonne. 

Trading ideas:

• Bell Potter maintain their BUY rating on Imdex (ASX:IMD), after a positive first quarter trading update. They have increased their price target from $2.85 to $3.00, with a strong outlook for FY22 revenue growth and margin expansion. 
• Bullish charting signals have been identified in Firefinch (ASX:FFX), De Grey Mining (ASX:DEG) and KGL Resources (ASX:KGL), according to Trading Central. 

It was a positive day for Aussie shares yesterday with a broad rally in the final session of the quarter. The market rebounded with all 11 sectors closing higher.

European stocks wrapped up September in negative territory, however the STOXX 600 closed slightly higher, up 0.2%. 

US equities dropped overnight, with the S&P500 wrapping up its worst month since March 2020. This was amid rising rates, inflation fears, COVID-19, and concerns of the Chinese property market.

Today, following shares falling in New York, the SPI futures are suggesting the ASX200 will fall 1.6% at the open. 

What to watch today:

• In economic news, the Markit Manufacturing PMI for September will be released at 9am AEST. Forecasts expect it to rise from 52 to 57.3. Home Loan data for August will also be released today at 10:30am AEST. 
• Over 60 stocks and ETFs are set to go ex-dividend today. This often sees shares fall and investors take their profits. 
• The most traded stocks by Bell Direct clients yesterday included CSL (ASX:CSL), after falling almost 6% this week, but closing in the green yesterday. CSL is currently a Morgans BUY. Fortescue Metals (ASX:FMG) was another most traded stock, rising higher amid higher iron ore prices as Chinese steel mills stocked inventories before their national public holiday. However, Chinese iron ore demand remains constrained. And if you hold FMG, keep watch of it today – the company has suspended operations at its iron ore mine in Pilbara in WA, after an employee has tragically died in a ground collapse. FMG is currently a Bell Potter BUY.
• The oil price has risen almost 0.5%, trading just above US$75 a barrel. Gold is trading higher, while lithium has fallen heavily.  
• The coal price has surged to a record high of $212 per metric, amid tight supply in China as they aim for carbon neutrality and the seaborne iron ore price is trading slightly lower at US$119.65. 

Trading ideas:

• Bell Potter maintain their BUY rating on Coronado Global Resources (ASX:CRN), and have increased their price target from $1.20 to $1.40. Strong met coal prices and improving operational performance has flowed through to cash flow. CRN closed yesterday at $1.29, implying 8.5% share price growth in a year. 
• Citi has upgraded JB Hi-Fi (ASX:JBH) to a BUY after positive share price performance. Citi pulled back its price target on JBH to $53 (previously $55), with an expected share price return of 19.9%.  
• Bullish charting signals have been identified in Resolute Mining (ASX:RSG), Orica (ASX:ORI) and Crown Resorts (ASX:CWN), according to Trading Central. 

The ASX200 extended its poor performance yesterday, falling about 1%. This dragged the market to a four-month low. Rising bond yields and a fall in the iron ore price put pressure on all sectors, with tech stocks taking the biggest hit. 

The market was mixed in the US. The Dow Jones managed to add 90 points, the S&P500 slightly rose 0.16%, while the tech heavy Nasdaq came under pressure, falling 0.24%, following the volatile 10-year Treasury yield. The House on Wednesday passed a bill to suspend the US debt ceiling as the US heads towards a first-ever default with no clear solution in sight.

Following the mixed session on Wall Street, the futures are suggesting the Aussie share market will open 0.32% higher this morning.

What to watch today:

• In economic news, building permits will be released today. Consensus expects total dwellings approved in Australia to decline 5%, after the 8.6% drop in the prior month. 
• Companies that are paying their latest dividends include Bendigo and Australia Bank (ASX:BEN), CSL (ASX:CSL), Fortescue Metals Group (ASX:FMG), Newcrest Mining (ASX:NCM) and Ramsay Health Care (ASX:RHC). Separately, Westgold Resources (ASX:WGX) goes ex-dividend today. 
• The most traded stocks by Bell Direct clients yesterday included Mineral Resources (ASX:MIN). Its shares fell 5.6% yesterday following the decline in the iron ore price, which is driven by power outages in China and lingering concerns over Evergrande’s default. Other highly traded stocks included ANZ (ASX:ANZ), Tabcorp (ASX:TAH), Regis Resources (ASX:RRL) and Brambles (ASX:BXB).
• The oil price edged lower on Wednesday to about US$75 a barrel. This comes as US crude inventories rose more than expected, despite OPEC planning to maintain its deliberate approach to adding supply to the market despite strong worldwide demand. 
• The uranium price rose 5%, while on the flip side, the lithium price fell 5%. Meanwhile, the gold price fell following the dollar rising and due to the growing confidence that the Fed will soon begin winding down its economic support measures.

Trading ideas:

• Bell Potter has rated iron ore exploration and development company Genmin (ASX:GEN) as a Speculative BUY, with a price target of $0.44. GEN closed yesterday at $0.17, which implies about 159% share price growth.
• Bullish charting signals have been identified in Insurance Australia Group (ASX:IAG), Resolute Mining (ASX:RSG) and Perseus Mining (ASX:PRU) according to Trading Central.

The Aussie share market is set to open higher, with the futures suggesting a rise of 0.3%. 

What to watch toady: 

• Tech stocks are expected to rise for the 4th day, continuing on an uptrend. Watch Afterpay (ASX:APT).
• Copper price rose 1%.
• Coal stocks are back in focus, as the coal price is at a 3 year high. 
• Amcor (ASX:AMC) to go ex- dividend. 
• Technology One (ASX:TNE) set to report company results today.
• Most traded stocks by Bell Direct clients yesterday: Fortescue Metals Group (ASX:FMG), Kogan (ASX:KGN), and Commonwealth Bank (ASX:CBA). And the most traded stocks by our advised clients: CLS Limited (ASX:CLS), Magellan Global Fund (ASX:MGF) and Betashares Legg Mason Australian Bond (ASX:BNDS).

Trading Ideas: 

• Synlait Milk (ASX:SM1) was reiterated as a Bell Potter Buy with a $3.85 price target. 
• Healthia (ASX:HLA), Nick Scali (ASX:NCK) and Eclipx Group (ASX:EXC) are all giving off bullish charting signals according to Trading Central. 

The Aussie share market is set to open higher, with the futures suggesting a 0.7% gain. 

Investors continue to buy into tech stocks, after last weeks pull back. 

What to watch today: 

• Watch Tech stocks: Afterpay (ASX:APT), Xero (ASX:XRO) and Seek (ASX:SEK).
• The Iron Ore price continues to pull back. Watch Fortescue Metals Group (ASX:FMG), Magnetite Mines (ASX:MGT), Mineral Resources (ASX:MIN), BCI Minerals (ASX:BCI), and Champion Iron (ASX:CIA).
• Incitec Pivot Limited (ASX:IPL), Temple & Webster Group  (ASX:TPW) and Elders (ASX:ELD) are set to report today. 
• This week: RBA meeting minutes to be released on Tuesday and Consumer Confidence released on Wednesday. Watch JB Hi-Fi (ASX:JBH), Afterpay (ASX:APT), Harvey Norman (ASX:HVN) and Breville Group (ASX:BRG). In addition, unemployment data will be released on Thursday and April retail sales will be released on Friday. 
• Most traded stocks from Friday included Xero (ASX:XRO) and Woodside Petroleum (ASX:WPL).

Trading Ideas: 

• Bell Potter have reiterated a speculative Buy recommendation on Avita Medical (ASX:AVH), dropping their price target to $10.50. 
• Nick Scali (ASX:NCK), Ansell (ASX:ANN) and Integral Diagnostics (ASX:IDX) are all giving off bullish charting signals according to Trading Central. 

On the eve of the Australian Federal Budget being handed down tomorrow night - with a massive $4 billion injection into infrastructure expected – the Aussie share market futures suggest the market will get off to a slow start this week – the futures suggesting a dip of 0.1%. 

What to watch: 

• Iron ore surged over 3% taking the key steel ingredient off the charts to US$204. Morgan Stanley expects the iron ore price will rise to US$215 this year – and this will benefit Fortescue Metals Group (ASX:FMG). 
• All eyes on Crown Resorts (ASX:CWN) following an increased takeover offer and a merger proposal.
• Pendal (ASX:PDL) reported half year results and entered a trading halt after announcing plans to buy a US investment company for $413 million.
• The a2Milk Company (ASX:A2M) shares are likely to come under further pressure today as it advised it won’t be meeting its guidance and that its earnings will be significantly lower.
• Economic news out – NAB business confidence for April.  

Trading ideas:

• Bell Potter reiterated Regis Resources (ASX:RRL) as a BUY but reduced its price target to $4.08, implying 51% growth in a year. 
• OceanaGold (ASX:OGC), Hazer (ASX:HZR) and Euro Manganese (ASX:EMN) are all giving off bullish charting signals according to Trading Central.

The Aussie share market is set to open higher with the futures suggesting a 0.1% lift. Tech and airline stocks will be in focus today.

What to watch: 

• The Aussie tech sector is up 10% this month, Industrials is 6% and Materials is up 7.2%.
• Iron ore price continued to increase 0.4% overnight chasing down a new 10-year high. Watch Fortescue Metals Group (ASX:FMG), Magnetite Mines (ASX:MGT) and Mineral Resources (ASX:MIN) today.
• Platinum futures are up 2%, and Palladium futures are up 0.5%. Copper trades lower.
• The Oil price is 0.1% higher at US$62.22, with futures 1% higher. 
• Westpac (ASX:WBC) has announced its half year profit will be $282 million accounting for litigation costs and software write-downs, as well as IOOF separation expenses. 
• NIB Holdings (ASX:NIB) has announced its underlying profit for the 2021 financial year to be much stronger than a year prior. 
• The most traded stocks from Bell Direct on Friday: Vanguard Msci Index International Shares ETF (ASX:VGS), Vanguard US Total Market Shares Index ETF (ASX: VTS) and Vanguard Australian Share ETF (ASX:VAS).

Trading Ideas: 

• Accent Group (ASX:AX1) was upgraded as a Bell Potter Buy stock with a $3.30 price target, implying 14% upside. 
• Fortescue Metals Group (ASX:FMG) was upgraded to a Buy from a Hold by Bell Potter with an increased $23.85 price target.
• Youfoodz Holdings (ASX:YFZ) remains a Bell Potter Buy, with a lower $1.10 price target. 
• Weebit Nano (ASX:WBT), Gelena Mining (ASX:G1A) and Emeco Holdings (ASX:EHL) are all giving off bullish charting signals according to Trading Central.

The Aussie futures are eyeing a fall of 0.2% at the open, despite U.S. stocks on Friday scaling to another fresh record high, with the S&P500 up 0.3% and the Nasdaq up 0.4%.

Trump announced he’s considering fast tracking AstraZeneca’s vaccine before the election, while he also authorised plasma treatment in COVID-19 patients. On the economic side, green shoots continued to sprout as the U.S. service sector grew at its quickest pace in 17-months.

What to watch today:

• Afterpay (ASX:APT) reported that it’s expanding into Europe.
• Companies reporting this week: Fortescue Metals Group (ASX:FMG), Nearmap (ASX:NEA), nib (ASX:NHF), St Barbara (ASX:SBM), Super Retail Group (ASX:SUL) and Chorus (ASX:CNU).

Local trading ideas:

• Inghams (ASX:ING) buy rating and price target was upgraded by Bell Potter to $4.10, implying 21% share price growth from Friday’s close. Profit was in line with forecasts and no guidance was given.
• MyState (ASX:MYS) was reiterated as a Bell Potter buy while dropping its price target 9% to $4.10, mainly as a result of not paying a final dividend which drops its payout ratio. What’s important is it didn’t cancel the dividend due to performance but to conserve capital. Bell Potter expects 11% share price growth from Friday’s close.
• Car cooling system company, PWR Holdings (ASX:PWH), had its buy rating and price target upgraded by Bell Potter, giving it a price target of $5.25 after it delivered much stronger results than forecasted last week. Although it didn’t given guidance, PWR is expecting a strong rebound in FY21.

As global COVID-19 restrictions ease, the Aussie share market sees a continuation of its April-May bounce back. The oil price climbs to a 10-week high as drivers once again fire up their engines. Lastly, both U.S and Aussie equities enjoy 10-week highs, rising 3% and 2.7% respectively (Mon-Thu).

In this week’s wrap, Jessica covers:

• Energy sector charges up 8%, while Utilities drag 2% (0:44)
• NRW Holdings (ASX:NWH) sees a 44% uptick following record breaking results, with UBS and Citi backing further growth (0:58)
• Orocobre (ASX:ORE) shoots up 21% as the lithium carbonate price is tipped to shine (1:54)
• Buying the dip: Webjet (ASX:WEB) (2:27)
• The 10 momentum stocks to watch (2:52)
• What could move the market next week? (4:12)
• Bell Potter upgrades Afterpay (ASX:APT) following U.S success (4:31)