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Morning Bell 16 September

Bell Direct
September 16, 2024

On Friday, Wall St closed higher to cap off what was the best week of 2024. The Dow Jones rose by 0.72%, the S&P500 jumped over half a percent and the tech heavy Nasdaq gained 0.65%.

In terms of US stocks, Alphabet rose 1.8% and Uber added more than 6%.

Over in Europe, markets closed higher to end the trading week following the European Central Bank’s decision to cut rates. The STOXX600 closed 0.72% higher with nearly all major sectors ending the day in the green. Gains were led by retail and autos stocks which jumped 1.84% and 1.6% respectively. This was offset by food and beverage stocks which fell 0.32%. Germany’s DAX climbed nearly 1%, the French CAC rose by 0.41% and over in the UK, the FTSE100 ended Friday’s trading session 0.39% higher.

Locally on Friday, the ASX200 rose by 0.3% with half of the major sectors ending the day positively. Gains were led by the materials and real estate sectors which rose by 2.25% and 1.02% respectively. This was offset by the financial sector which fell 0.61% by market close.

What to watch today:

  • The Australian share market is set to open higher, with the SPI futures suggesting a rise of 0.2% at market open this morning.
  • Oil is trading 0.46% lower at 68 US dollars and 65 cents a barrel, gold is trading 0.78% higher at 2578 US dollars an ounce and iron ore is trading 0.86% lower at 92 US dollars and 26 cents a tonne.

Trading Idea:

  • Bell Potter maintains a buy rating on Champion Iron (ASX:CIA) and has a 12-month price target of $7.15. Bell Potter’s valuation implies a 24% share price growth of the current share price of $5.76, hence the buy rating is maintained.

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