Skip to main content

Morning Bell 22 October

Bell Direct
October 22, 2024

Wall St closed mixed overnight as the Dow snapped a three-day winning streak losing 0.8%. The S&P 500 fell 0.18%, whilst the tech-heavy Nasdaq ended Monday’s trading session 0.27% in the green.

Over in Europe, markets closed lower as investors monitor heightened Middle Eastern tensions. The STOXX600 closed 0.7% lower with nearly all major sectors ending the day negatively. Losses were led by insurance stocks which fell 1.1%, whilst oil & gas stocks rose 0.6%.

Germany’s DAX and the French CAC both lost 1%, whilst over in the UK the FTSE 100 dropped nearly half a percent.

Locally yesterday, the ASX200 ended Monday’s trading session 0.74% higher with all but one major sector ending the day in the green. Gains were led by the materials and energy sectors which closed 1.44% and 1.25% higher respectively. This was offset by the information technology sector which fell 2.97%.

What to watch today:

  • The Australian share market is set to open lower, with the SPI futures suggesting a fall of 0.81% at market open this morning.
  • On the commodities front this morning,
    • Oil is trading 1.67% higher at 70 US dollars and 37 cents a barrel as rising Middle Eastern tensions threaten supply disruptions.
    • Gold is trading 0.08% lower at 2719 US dollars an ounce and iron ore is trading flat at 105 US dollars and 37 cents a tonne.

Trading Ideas:

  • Bell Potter maintains a buy rating on Beach Energy (ASX:BPT) and has a current share price of $1.25. The 12-month price target of $1.50 indicates a share price growth of 20%, hence the buy rating is maintained.
  • And Trading Central has identified a bearish signal on Ingenia Communities Group (ASX:INA), indicating that the share price may fall from the close of $4.93 to the range of $4.57-$4.63, on a pattern formed over 10 days, according to the standard principles of technical analysis.

Weekly Wrap 9 August

Grady Wulff
August 9, 2024

Morning Bell 9 August

Sam Kanaan
August 9, 2024

Morning Bell 8 August

Bell Direct
August 8, 2024

Morning Bell 31 July

Sam Kanaan
July 31, 2024

Morning Bell 30 July

Sam Kanaan
July 30, 2024

Morning Bell 29 July

Grady Wulff
July 29, 2024

Weekly Wrap 26 July

Grady Wulff
July 26, 2024

Morning Bell 26 July

Sam Kanaan
July 26, 2024

Morning Bell 25 July

Grady Wulff
July 25, 2024

Morning Bell 24 July

Grady Wulff
July 24, 2024

Morning Bell 23 July

Sam Kanaan
July 23, 2024

Morning Bell 22 July

Grady Wulff
July 22, 2024