Market wraps 26th November 2020
Morning Bell - Jessica Amir
The ASX200 is eyeing a fall of 0.1% at the open following a mixed close on Wall Street overnight.
The U.S. central bank released minutes from its meeting highlighting how it can provide more support for the U.S. economy throughout the pandemic.
Commodities continued their rally as three vaccines are around the corner.
What to watch today:
- Yesterday the market turned positive for 2020 and was up 0.2% for the year, meaning the ASX200 erased most of the COVID-19 losses. If the ASX200 gains 7%, it will be back in record all-time high territory.
- Ainsworth Game Technology (ASX:AGI), Hansen Technologies (ASX:HSN), WiseTech (ASX:WTC), HUB24 (ASX:HUB), Monash IVF (ASX:MVF), NRW Holdings (ASX:NWH) and Qube (ASX:QUB) hold their AGMs.
Local trading ideas:
- Bell Potter upgraded the Buy ratings and price targets for Pendal (ASX:PDL) with a new $8.90 target, Perpetual (ASX:PPT) with a new $45.40 target and Challenger (ASX:CGF) with a new $6.60 target.
- Overnight, Citi reiterated Harvey Norman (ASX:HVN) as a Buy with a $5.20 target, implying 14% upside in a year. Citi expects Black Friday and Christmas sales to be strong and forecasts sales growth of 15% from now to the Boxing Day period.
- CSR (ASX:CSR), Ava Risk Group (ASX:AVA) and Emeco Holdings (ASX:EHL) are all showing bullish charting signals according to Trading Central.