X

Select the account you'd like to open

Newsletter

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 -  
Tina Teng -
CMC Markets ANZ - 
CMC Markets Singapore -
CMC Markets Canada - 

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



 

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)


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.

Sign up for market update emails