The Aussie share market looks set to bounce 0.9% higher at the open.
U.S. equities dusted off their knees and attempted to recoup their losses from the prior session. Stay at home stocks soared. Apple shares lifted 2.3% to a new all-time high after Deutsche Bank rose its price target, Microsoft followed up 2.2%, also hitting a new record high. These tech darlings helped the Nasdaq forget about the prior day’s slip, ending 1.4% higher at a brand new record high of 10,493 points.
What to watch today:
Local trading ideas:
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Well U.S. equities dusted off their knees and attempted to recoup their losses from the prior session. Meanwhile, stay at home stocks soared, like Apple shares up 2.3% hitting a new time high after it was upgraded by Deutsche Bank increasing its price target, Microsoft followed up 2.2% before also hitting a new record high.
Now these tech darlings helped the Nasdaq forget about the prior days slip ending 1.4% higher at a brand new record high of 10,493 points.
On the other side of the market, stocks benefiting from the reopening remained in the pressure cooker before rising in the final hour.
United Airlines remained under water though falling 3.8% after announcing 36,000 jobs will be cut.
All in all though positive close S&P 500 ending 0.8% higher, the Dow at 0.7%.
On the commodity front, the oil price pushed up 0.6% to US$40.90, gold got comfortable above US$1,800, with uncertainty increasing demand in the safe haven pushing up its price 0.5% to US$1,817 that was its highest level since September 2011.
Elsewhere, copper gained 1% and the iron ore price continued to swell up its back in 12 month high territory after putting on 1.5% to US$103.
Now what to watch today, well the Aussies share market is set for a bounce of 0.9%, now keep in mind the Aussie share market is still about 17% away from its all-time high that we hit in February.
Now to local trading ideas, overnight UBS reiterated its buy rating of Independence Group (ASX:IGO) with a $6.20 target.
Yesterday the nickel producer fell 0.4% to $5.07.
Now the Aussie miner reported stronger than expected preliminary copper and cobalt results in its March quarter, they were preliminary results though.
While nickel production was closer to consensus and weaker than UBS forecast.
UBS has Independence Group as its top nickel company to watch and its top buy as it delivers consistent results and has got low costs with further exploration potential.
Changing pace, UBS reiterated its buy rating of Select Harvests (ASX:SHV) with a $7.75 target, while Bell Potter dropped its buy rating to a hold to $6.10.
Now yesterday Select Harvests fell 2.3% lower to $5.91 after announcing lower prices for its almonds and that it’s renegotiating contracts.
The almond grower has been hit by wet weather which increased its costs allowing for drying time, despite this agricultural conditions are the best they’ve been in three years.
UBS downgraded its earnings per share though by 38% but forecasts four-year dividends of 3.2% this year growing to 4.1% next year and exponentially growing after that, at least for the next three years.
Lastly Bell Potter updated its buy rating for dentist group Pacific Smiles Group (ASX:PSQ), increasing its target to $1.75 yesterday.
Pacific Smiles Group closed 3.3% lower to $1.50 and for those that don’t know, Pacific Smiles Group signed a 10-year deal with HBF that it will accelerate its margin growth, effectively meaning its profits.
Pacific Smiles Group will build at least five HBF dental clinics in WA over the next 18 months, but what’s important to note though is HBF has 50% market share in WA, hence the increase target for the dentistry stock.
I’m Jessica Amir with Bell Direct, happy trading and stay safe.Close Transcript