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Morning Bell 20 October

Jessica Amir
October 20, 2021

US stocks travelled higher overnight, boosted by stronger than expected earnings.

This morning, the Aussie share market is set to open higher, with the futures suggesting a rise of 0.7%.

What to watch today:

  • In company news, Atlas Arteria (ASX:ALX) reported a 9.7% jump in toll revenue in the quarter, as traffic is picking up.
  • Gold stocks to watch include Evolution Mining (ASX:EVN) which reported higher than expected production in the quarter and OZ Minerals (ASX:OZL) which announced copper production is tracking in line with guidance, while it expected gold production to increase. The copper price is also trading at a record all-time high.
  • Flight Centre (ASX:FLT) is set to hold its AGM today.
  • The oil price hit a new 7-year high overnight at US$83, after rising 0.7% overnight and 30% in two months. Watch Australis Oil & Gas (ASX:ATS) and Global Energy Ventures (ASX:GEV). Also watch this week’s best performing energy stocks, including Beach Energy (ASX:BPT) which is up 3.5% and Whitehaven Coal (ASX:WHC) which is up approximately 2%.

Trading Ideas:

  • The owner of Autobarn, Midas and Burson Autoparts, Bapcor (ASX:BAP) was reiterated as a Citi BUY stock with an increased 12-month target price of $8.75, implying 14% share price growth from yesterday’s close.
  • Bullish charting signals have been seen in Imugene (ASX:IMU), Lake Resources (ASX:LKE) and Nearmap (ASX:NEA), according to Trading Central.

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