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Need 4 Speed Read - ASX Report - 23/11/22

ASX trading

G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst! 

For real-time up-to-date data/news/research/ideas/strategies, check out our insights panel on the CMC Markets Invest platform and follow us on Twitter: 

Azeem Sheriff - @Azeem__Sheriff 
Tina Teng - @Tinateng_CMC
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CMC Markets Canada - @CMCMarkets_CA

Trading Idea of the Day

ASX:ELD- Elders Ltd - BULLISH BIAS (long term) - BULLISH BIAS (short term)

  • Key levels on the chart - consider taking trades from key support/resistance zones.
  • Price is significantly undervalued and at a key support, a level not seen since the beginning of COVID.
  • Shaw & Partners stated that the "share price overreaction ignores the solid business the Managing Director has built".
  • Elders delivered 39% underlying earnings growth to $232.1m, at the top-end guidance, that's a remarkable result.
  • The positive earnings result was significantly overshadowed by the near-term uncertainty created by recent extreme weather conditions but more importantly, the Managing Director Mark Allison's intentions to retire within the next 12 months after almost a decade of leadership at Elders.
  • High demand for agricultural commodities is expected to create favourable trading conditions in 1H FY23, which adds investor optimism at undervalued prices.

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: Fund managers turn bullish on China stocks  

Podcast of the Day: BlackRock’s Carolyn Weinberg on the democratising power of ETFs

APAC Daily Report

Click here to access our daily APAC report, prepared by my fellow market analyst @TinaTeng_CMC

Market Snapshot & Highlights as of 8:00am AEDT

EXPECTATIONS: Energy HIGHER (higher oil prices) & Materials HIGHER on overall higher commodity metal prices.

Global Markets Headlines

(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)

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