G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst!
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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 Singapore may provide or make available research analysis or reports prepared or issued by entities within the CMC Markets group of companies, located and regulated under the laws in a foreign jurisdictions, in accordance with regulation 32C of the Financial Advisers Regulations. Where such information is issued or promulgated to a person who is not an accredited investor, expert investor or institutional investor, CMC Markets Singapore accepts legal responsibility for the contents of the analysis or report, to the extent required by law. Recipients of such information who are resident in Singapore may contact CMC Markets Singapore on 1800 559 6000 for any matters arising from or in connection with the information.
