G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst!
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Azeem Sheriff - @Azeem__Sheriff
Tina Teng - @Tinateng_CMC
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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
- Collapsed crypto firm FTX has about $1.24 billion of cash — but still owes at least $3.1 billion (CNBC)
- UK economy is lagging substantially behind other developed nations, OECD report says (CNBC)
- Disney is counting on Bob Iger to make hard decisions about its streaming and TV assets (CNBC)
- Bitcoin bounces slightly after hitting 2-year low as traders try to gauge FTX contagion (CNBC)
- Saudi Arabia inflicts seismic World Cup shock on Argentina (CNBC)
- Cristiano Ronaldo to leave Manchester United ‘with immediate effect’ (CNBC)
- Malaysian king says leading coalitions don’t have the numbers to form a government (CNBC)
- How AMD became a chip giant and leapfrogged Intel after years of playing catch-up (CNBC)
-
Sequoia Capital Apologizes to Limited Partners for FTX Investment (WSJ)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
