The Aussie share market futures are suggesting a gain of 2.5% at the open, which will rub out yesterday’s fall of 2.2% and take the ASX200 out of bear market territory which it re-entered yesterday.
The Government says we will have to wait two years before the economy is back at preCOVID-19 levels. In that time, the Prime Minister says he’s targeting 3.75% annual economic growth until 2025. Despite the Government bolstering jobs and infrastructure, the OECD forecasts the Aussie economy will shrink 5% this year.
Investors will be watching Viva Energy (ASX:VEA) and Orora (ASX:ORA).
Local trading ideas:
- Bell Potter upgraded Propel Funeral Partners’ (ASX:PFP) price target to $3.65 as the funeral business’ earnings guidance came in 7% ahead of expectations.
- Citi and Bell Potter reiterated Healius (ASX:HLS) as a buy following the $500 million sale of its medical centres.
- Centuria Capital (ASX:CNI) was reiterated as a UBS buy given: 1 – Continued strong demand for yield income in a low interest rate environment, which should growing CNI’s AUM. 2 – Its takeover of Augusta Capital which will grow its assets under management again. 3 – Centuria’s other listed entity Centuria Industrial REIT (ASX:CIP) has made it’s way into the ASX200. Yesterday Centuria Capital closed at $1.79 and UBS targets it to grow to $2.34.