Trading on the ASX is expected to resume today after it shut about 30 minutes into trade yesterday. While the ASX200 closed 1.2% up, today it’s eyeing a flat open with a gain of 0.1%.
Overnight, Moderna announced its COVID-19 vaccine was more than 94% effective in a late stage trial treating 30,000 people, this is the most effective vaccine to date. Interestingly, the flu shot has a 40% effective average and Pfizer’s COVID-19 vaccine is 90% effective. Moderna and Pfizer are both requesting emergency FDA approval for their respective vaccines.
For commodities, copper rose to a 29-month high, up 1.5%.
What to watch today:
- Afterpay (ASX:APT), Abacus Property (ASX:ABP), REA Group (ASX:REA), Pointsbet (ASX:PBH) and Investec (ASX:IAP) hold their AGMs today.
- The RBA meeting minutes will be released today. While the minutes are not likely to move markets, the employment data and retail sales released later in the week will likely impact markets as they are all about the consumer and their habits in COVID-19.
Local trading ideas:
- Bell Potter upgraded beauty business BWX’s (ASX:BWX) Buy rating, increasing its price target to $5.20. This implies 24% upside in a year from yesterday’s close of $4.20.
- Bell Potter upgraded agriculture business Elders’ (ASX:ELD) to a Buy, increasing its target to $13.30, implying 13% upside in a year from yesterday close of $11.80.
- Accent (ASX:AX1), Mount Gibson Iron (ASX:MGX) and Healius (ASX:HLS) are all showing bullish charting signals according to Trading Central.