G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst!
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Azeem Sheriff -
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Trading Idea of the Day
ASX:IPL - Incitec Pivot (BULLISH - long term & BEARISH - short term)
- Key levels on the chart - consider taking trades from key support/resistance zones.
- Had a very positive earnings result, with earnings of $1.485bn were a slight beat against UBS and consensus expectations and up 162% on the previous period
- Goldman Sachs is Buy rated with a target price of $4.40.
Due to the variability in commodity prices and FX movements, the company normally doesn’t provide profit guidance, however the company noted the following:
Dyno Nobel Americas: Is well placed to benefit from heightened ammonium nitrate pricing. Negative impacts of higher inflation, energy costs and supply chain dislocations are expected to be mostly recovered in FY23 through price escalations and contract negotiations.
Dyno Nobel Asia Pacific: Favourable pricing conditions on the East Coast of Australia are expected over the re-contracting cycle.
- Fertilisers Asia Pacific: Will continue to be dependent on global fertiliser prices, the A$:US$ exchange rate and weather conditions.
ASX & Economic Key Events
ASX Key Events Calendar (TODAY)
Economic Key Events (TODAY)
Economic Key Events (YESTERDAY)
OPTO For Investors Research
Article of the Day: Splunk, Veeva and Salesforce earnings rally share prices
Podcast of the Day: Michael Loukas of TrueMark on why diversification isn’t always key
APAC Daily Report
Market Snapshot & Highlights as of 8:00am AEDT
EXPECTATIONS: Energy LOWER (lower oil prices) & Materials HIGHER on overall base metal prices.
Global Markets Headlines
OPEC+ agrees to stick to its existing policy of reducing oil production ahead of Russia sanctions (CNBC)
- European Union officials set Russian oil price cap at $60 a barrel (CNBC)
- Manufacturing orders from China down 40% in demand collapse (CNBC)
- Amazon’s cloud unit faces cost-sensitive customers as economic fears mount (CNBC)
- Beijing, Shenzhen loosen more Covid curbs as China easing gathers pace (CNBC)
- Chinese F1 Grand Prix cancelled for 2023
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
Disclaimer: CMC Markets is an order execution-only service. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.
