S&P/ASX 200 gains 0.63%; Telstra sells towers business for $2.8 billion
Brent crude futures gained 0.5% to US$75.05 a barrel as hopes for a demand recovery persisted despite new outbreaks of the highly contagious Delta variant of the coronavirus. Gold slipped 0.93% to US$1,761.66 per ounce on Tuesday, its lowest level since mid-April as the dollar strengthened in the run-up to this week’s US jobs report.
S&P/ASX 200 (INDEXASX:XJO) has gained 0.63% to 7,347 by about 1 pm after the Nasdaq and S&P 500 hit record highs on Wall Street overnight.
The local index is on track to advance for the ninth consecutive month in June with a monthly gain of 2.5% and a ~25% rise for the financial year which ends today.
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Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price edged higher. According to CNBC, the spot gold price is up 0.1% to US$1,779.50 an ounce. Growing COVID-19 fears supported the safe haven asset.
Woolworths downgraded
The
Woolworths Group Ltd(ASX: WOW) share price could be fully valued according to analysts at Goldman Sachs. This morning the broker downgraded the retail giant to a neutral rating with a reduced price target of $36.80. Goldman made the move after updating its valuation to account for the Endeavour demerger.
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Regis Resources Limited (ASX: RRL) could underperform today after the gold price softened overnight. According to CNBC, the spot gold price is down 0.1% to US$1,775.70 an ounce. While rate hike concerns were eased by the US Fed yesterday, it wasn’t enough to lift the price of the precious metal.
South32 given conviction buy rating
The
South32 Ltd(ASX: S32) share price could be undervalued according to analysts at Goldman Sachs. This morning the broker reiterated its conviction buy rating and lifted its price target to $3.80. This compares to the current South32 share price of $2.87. It explained: “We increase our FY21-23 EPS estimates by 1%/11%/20% and NAV by 19% to A$3.86/sh to reflect changes to the GS commodities team’s aluminium price forecasts, and raise our 12-month TP 12% to A$3.8/sh.”
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Newcrest Mining Limited (ASX: NCM) will be on watch after the gold price fell overnight. According to CNBC, the spot gold price is down 0.3% to US$1,776.70 an ounce. Traders were selling the precious metal ahead of the release of a testimony from U.S. Federal Reserve chair Jerome Powell. That testimony is expected to provide more clarity on monetary policy plans.
Iron ore price rebounds
After a tough couple of days, the iron ore price is rebounding, which could bode well for BHP Group Ltd (ASX: BHP),
Fortescue Metals Group Limited (ASX: FMG), and
Rio Tinto Limited (ASX: RIO) shares today. According to Metal Bulletin, the spot iron ore price is up 3% to US$214.32 a tonne.
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