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The local market pushed 0.67% higher yesterday, in what was a broad-based rally. Tech shares led the way, as well as some automotive companies that benefited from the Federal Budget, following the drop in the fuel excise. While the energy and materials sectors posted small losses.

Looking at the ASX200 leaderboard, tech names like Life360 (ASX:360), Megaport (ASX:MP1), Afterpay’s parent company Block (ASX:SQ2), NOVONIX (ASX:NVX) and Xero (ASX:XRO) were amongst the best performers. Magellan Financial Group (ASX:MFG) jumped 7%, despite funds continuing to flow out of the business. Meanwhile, South32 (ASX:S32) declined 3.5% after the company announced a delay to the acquisition of an additional shareholding in Mozal Aluminium.

The most traded stocks by Bell Direct clients yesterday, they included Lake Resources (ASX:LKE), Mineral Resources (ASX:MIN) and Fortescue Metals (ASX:FMG).

In the US, all three benchmarks closed in the red, with the Nasdaq down the most. Both the Dow and S&P500 snapped their 4-day winning streaks as investors remain cautious on Ukraine developments, as well as the bond market.

What to watch today:

• Despite the pullback in the US, the futures are suggesting that the Aussie share market is set to open 0.13% higher this morning.
• In commodities, the oil price rebounded, jumping 3% on tight supply and investor concerns about potential new Western sanctions against Russia. The gold price managed to gain off the back of a weaker US dollar and a slight pullback in US bond yields. The gold price is currently at US$1,934 an ounce. The aluminium, zinc, nickel, and palladium prices are all trading between 2.5 – 5% higher. And the spot iron ore price is trading flat at US$148 a tonne.
• Stocks going ex-dividend today include Eagers Automotive (ASX:APE) and Harvey Norman (ASX:HNV).

Trading Ideas:

• Bell Potter have maintained its BUY rating on Eagers Automotive (ASX:APE) and have increased its price target to $17.25 (previously $16.75). APE announced the proposed acquisition of a portfolio of dealerships and associated properties located in Canberra, ACT. The acquisition allows APE to gain entry into the ACT and be able to rollout easyauto123 in that market. APE closed 2.9% higher yesterday to $14.50, which implies about 19% share price growth in a year.
• Trading Central has a bullish signal on Goodman Group (ASX:GMG), indicating that the stock price may rise from the close of $23.06 to the range of $24.60- $24.90 in the next 28 days according to standard principals of technical analysis.