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The market lost some ground last Friday, after what had been a positive week and closed 0.4% lower, with utilities up the most.

Online marketplace Redbubble (ASX:RBL) was the best performer on the ASX200, gaining over 10%. UBS initiated coverage of the stock, with a NEUTRAL rating and a $3.45 price target. Iluka Resources (ASX:ILU) gained over 7%, amid a broader rally in the electric vehicle focused commodity sector. Meanwhile, Afterpay (ASX:APT) declined the most.

Bell Direct clients found the most value in Battery Tech & Lithium ETF (ASX:ACDC), as well as CSL (ASX:CSL), Westpac (ASX:WBC), Pilbara Minerals (ASX:PLS) and AGL Energy (ASX:AGL).

On Friday US CPI data was released. Inflation rose 6.8% year-over-year, its highest rate since 1982. Despite inflation hitting a 39-year high, all three major benchmarks advanced. The S&P500 closed at a record, up 0.95%, the Dow up 0.6% and the tech heavy Nasdaq up 0.7%.

Australian shares are set to open higher. The futures are suggesting a rise of 0.18%.

What to watch today:

• Keep watch of Fortescue Metals (ASX:FMG). On Friday the company announced its CEO, Elizabeth Gaines is stepping down and transitioning into the role of Non-Executive Director. FMG fell 0.8% on Friday, following the announcement.
• Oil gained traction to near $72 a barrel on Friday, attempting to fully recover from a 2% drop the day before. Gold is also trading higher, while the seaborne iron ore price is 1.4% lower, trading at US$105 a tonne.

Trading ideas:

• Bell Potter have a Speculative BUY rating on Liontown Resources (ASX:LTR), with a $2.15 valuation. The company is now funded to commence development at the Kathleen Valley lithium project and is in a stronger position to negotiate long term sales contracts. LTR last closed at $1.64, implying 31% share price growth in a year.
• Trading Central’s analysts have identified a bullish signal in Tietto Minerals (ASX:TIE). This bullish signal indicates that the stock price may rise from the close of $0.42 to the range of $0.48 – $0.50, within 18 days.