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Market wraps 21st September 2020

Morning Bell - Jessica Amir

The Aussie share market is eyeing a fall of 0.6% at the open following Wall Street’s decline.  

U.S. equities closed lower on Friday and saw their third straight weekly fall. On Wall Street, investors continued to sell out of the Tech sector and invest into the best performing sector this month, Materials.

What to watch:

  • This week, manufacturing numbers will be released in the U.S., UK, the Eurozone and Australia, while Central banks will be meeting in China and New Zealand, deciding the future of interest rates.

Local trading ideas:

  • Costa Group (ASX:CGC), Australia’s largest horticultural company, was initiated as a Bell Potter buy with a $4.05 price target, implying 24% growth in a year from Friday’s close of $3.27. Citi and UBS also have the stock as a buy.
  • Uniti Group (ASX:UWL) was upgraded by Bell Potter with a $1.90 target, implying 29% growth in a year from Friday’s close of $1.47.
  • Structural Monitoring Systems (ASX:SMN), Integrated Research (ASX:IRI) and Tesoro Resources (ASX:TSO) are all giving off bullish charting signals according to Trading Central.