It was a positive session on Wall Street overnight, with the market turning a corner after a few consecutive losing sessions. with the Dow Jones up 0.2%, the S&P500 up 0.5% and the Nasdaq up 0.6%.
European markets also advanced with all major benchmarks closing in the green.
What to watch today:
- The Australian share market is set to open higher this morning, with the SPI futures suggesting a 0.48% rise at the open.
- In commodities,
- The price of oil is up 1.3%, just over US$79 per barrel, nearing a four-month high after the Energy Information Administration showed a smaller than expected increase in US weekly crude stocks.
- Gold is steady, hovering at its record high of US$2,146 an ounce.
- And iron ore is flat at US$116 per ton, the lowest since late October.
- BHP’s share price may trade lower today as the mining giant’s shares are set to trade ex-dividend this morning. Other stocks going ex-dividend today include Rio Tinto (ASX:RIO), South 32 (ASX:S32), Woodside Energy (ASX:WDS) and Viva energy Group (ASX:VEA), just to name a few.
Trading Ideas:
- Bell Potter maintains a speculative buy rating on Clarity Pharmaceuticals (ASX:CU6) and has increased its valuation to $3.90. The buy rating is maintained as CU6 have a clinical advantage over currently marketed PSMA targeted imaging agents. The stock’s current share price if $2.85, which implies 36.8% share price growth in a year.
- And Trading Central has identified a bullish signal on Metcash (ASX:MTS), indicating that the stock price may rise from the close of $3.76 to the range of $3.99-$4.05, on a pattern formed over 16 days, according to the standard principles of technical analysis.
