Between the Bells

Wall St closed lower on Wednesday with the S&P500 posting its fourth consecutive losing session, as key technology names weighed on the market midweek. The Dow Jones fell 0.12% on Wednesday, the S&P500 lost 0.58% and the tech-heavy Nasdaq declined 1.15%. High growth stocks faced the biggest pressure on Wednesday as the Fed’s higher for longer consensus dampens growth runways for stocks of this nature. Investors in the US have been trimming the megacap names like Nvidia, Meta and Apple in favour of other market sectors that have attractive outlook over the coming months.

United Airlines surged more than 17% on Wednesday after posting a smaller than expected loss and beating on revenue expectations.

Over in Europe, markets in the region closed higher as retail stocks posted modest sales growth. The STOXX600 rose 0.2%, Germany’s DAX added 0.02%, the French CAC added 0.62%, and, in the UK, the FTSE rose 0.35%.

Shares in luxury retailer LVMH group climbed as much as 5.2% during the session before easing gains at the closing bell after the company posted modest first quarter sales growth. UK inflation also eased more than expected in March to an annual rate of 3.2%, which was just 0.1% above economists expectations.

Looking at the local index, the ASX200 extended its losing run, closing down 0.09% on Wednesday, taking strong lead from global markets on Tuesday amid concerns over sticky inflation and rising geopolitical tensions. Utilities stocks offset some of the losses by rallying 2.8% while healthcare, materials and energy stocks weighed on the key index.

Evolution Mining jumped over 8% on Wednesday to a two-year high after reporting a 15% rise in gold output for March and the company affirmed its 2024 guidance.

Mining giant Rio Tinto disappointed the market yesterday after reporting a drop in iron ore production and shipments in Q1.

DroneShield also soared 17% yesterday after the defence tech company released a second significant announcement this week, outlining the company was awarded a contract with NATO’s Support and Procurement Agency for the first Counter-small UAS procurement framework agreement in NATO history. The initial agreement is for three years with extension options. This announcement follows DroneShield announcing a first-quarter update earlier in the week including record Q1 revenues of $16.4m, which is 10x the PCP.

What to watch today: 

• Ahead of Thursday’s session on the ASX, the SPI futures are expecting the local market to open the day up 0.26% tracking some global market gains overnight.
• On the commodities front this morning, oil has retreated to trade down 3.05% at US$82.76/barrel, gold is down 0.5% at US$2365/ounce, and iron ore is up just 0.02% at US$106.07/tonne.
• AU$1.00 is buyingUS$0.64, 99.30 Japanese Yen, 51.59 British Pence and NZ$1.09.

Trading Idea: 

• Trading Central has identified a bearish signal on Mirvac Group (ASX:MGR) following the formation of a pattern over a period of 46-days which is roughly the same amount of time the share price may fall from the close of $2.10 to the range of $1.82 to $1.88 according to standard principles of technical analysis.

Wall street closed mixed on Tuesday after Fed Chair Jerome Powell said interest rates may need to stay higher for longer if inflation drivers and prices remain sticky. The Dow Jones rose 0.17%, boosted by UnitedHealth shares on the back of better-than-expected first quarter revenue. The S&P500 fell 0.21% on Tuesday and the tech-heavy Nasdaq ended the day down 0.12%.

Powell remarked that recent data shows solid economic growth and continued strength in the labour market, but lack of further progress so far this year on returning to the Fed’s target 2% inflation rate goal is holding back rate cut outlook.

In Europe overnight, markets closed lower as investors assessed developments in the Middle East tensions. The STOXX600 fell 1.6%, weighed down by mining and banking stocks. Germany’s DAX ended Tuesday’s session down 1.44%, the French CAC lost 1.4% and, in the UK, the FTSE100 declined 1.82%.

Across Asia markets overnight, markets closed lower as investors assessed economic data and await Israel’s response to Iran’s attack over the weekend. South Korea’s Kospi index fell 2.28% on Tuesday, Japan’s Nikkei lost 1.94%, and Hong Kong’s Hang Seng lost 2.12%.

Over in China, the CSI index fell 1.07% on Tuesday following the release of key economic data released painting a very mixed picture into the recovery progress for the world’s second largest economy. GDP Growth rate came in above expectations at 5.3% for Q1 on an annual basis, where economists were expecting a 5% rise, indicating economic growth is underway. Conversely though, industrial production came in at a 4.5% rise for March on an annual basis which is a decline from the 7% rise recorded in February and well below economists’ expectations of a 5.4% rise, indicating industrial output continues to struggle post-pandemic. Retail Sales data also out in China yesterday came in at a rise of 3.1%, which similar to industrial production, is a 2.4% decline on February and was well below economists’ expectations, indicating Chinese retail consumption is sliding. 

The local market had its worst trading session in over a year as the ASX closed Tuesday’s session down 1.81%, tracking Wall Street’s turbulence on Monday following the releasee of stronger-than-expected retail sales out in the US which further dents hopes of rate cuts in the near-term for the world’s largest economy. Escalating tensions in the Middle East also crippled investor sentiment toward riskier high growth assets like tech and real estate stocks, however, all 11 sectors closed in the red on Tuesday.

What to watch today:

• Ahead of the midweek trading session here in Australia the SPI futures are anticipating the ASX to open the day down 0.3% on the back of the global sea of red overnight.
• On the commodities front this morning, oil has retreated to trade 0.16% lower at US$85.26/barrel, coal is up 2.06% at US$136.50/tonne, gold is up 0.06% at US$2392/ounce and iron ore is flat at US$106.05/tonne.

Trading Ideas:

• Bell Potter has downgraded the rating on Cooper Energy (ASX:COE) from a buy to a hold and have increased the 12-month price target on the gas exploration and development company following the release of the company’s Q3FY24 trading update including quarterly gas production of 5.5Petajoules, sales of 5.6Petajoules and revenue of $51.8m which were all in-line with Bell Potter’s expectations. The downgrade to a hold for Cooper Energy follows recent share price appreciation and ahead of the company’s expected achievement of free cash flow generation in FY25.
• And Trading Central has identified a bearish signal on Challenger (ASX:CGF) following the formation of a pattern over a period of 46-days which is roughly the same amount of time the share price may fall from the close of $6.50 to the range of $5.80 to $5.90 according to standard principles of technical analysis.

Wall St closed lower overnight as geopolitical tensions continue in the Middle East. The Dow Jones fell 0.65%, the S&P500 lost 1.2% and the tech-heavy Nasdaq ended the trading day, 1.79% in the red.

The CBOE Volatility index, Wall Street’s fear gauge closed at its highest level since October following Iran’s attack on Israel on Saturday night, the first direct attack on Israel from Iran.

Over in Europe, markets closed mixed as investors react to the Middle Eastern War. The STOXX600 closed marginally higher with oil and gas stocks leading losses down 1.6%. Germany’s DAX rose over half a percent, the French CAC gained 0.43% and over in the UK the FTSE100 closed 0.38% lower.

Locally yesterday, the ASX200 closed 0.46% lower with the majority of the sectors finishing in the red. Losses were led by the information technology and communication services sectors which lost 1.75% and 1.05% respectively. This was offset by the energy sector which gained 0.38%.

What to watch today: 

• The ASX200 is set to open lower with the SPI futures suggesting a fall of 0.81% at market open this morning.
• On the commodities front this morning,
  • Oil is trading 0.06% higher at US$85.68 a barrel as investors react to the Middle Eastern tensions. 
  • Gold is trading 1.71% higher at US$2383 an ounce and iron ore is trading 1.28% higher at US$106.05 cents a tonne as markets increased their bets of higher demand for iron from Chinese steel producers.

Trading Ideas: 

• Bell Potter maintains a buy rating on Life360 (ASX:360) and has a 12-month price target of $16.25. The buy rating is maintained by Bell Potter with first quarter results to be released on the 10th of May, with forecasts and already released metrics implying a solid quarter and a positive start to the year.
• And Bell Potter maintains a hold rating on Droneshield (ASX:DRO) and has increased its 12-month price target to $1.00. The hold rating is recommended as despite strong results in 2024, the announcement of only one single material contract year to date makes Bell Potter believe there is a heightened downside risk at current levels if contracts in the pipeline are delayed until the second half.

Rising geopolitical tensions and inflation concerns were the drivers of Wall Street’s negative close on Friday with the Dow Jones suffering its worst session since January. The launch of attacks on Iran from Israel fuelled oil prices to surge over the weekend paired with fresh U.S. imports data added fuel to investors concerns of rising inflation pushing back the outlook for rate cuts in the world’s largest economy.

The Dow Jones fell 1.24% on Friday and 2.37% for the week, the S&P500 lost 1.46% on Friday and 1.56% for the week and the tech-heavy Nasdaq lost 1.62% on Friday and 0.45% for the week.

First quarter results in the U.S. have started being released with Wells Fargo sliding 0.4% on Q1 results while Citigroup declined 1.7% despite posting a beat in revenue. JPMorgan Chase fell 6% on Friday after the banking giant posted first quarter results including outlook for net interest income to likely come in slightly short of what Wall Street is expecting for 2024.

Over in Europe, markets closed mixed on Friday as investors digested key economic data and assessed the latest inflation reading out of the US. The STOXX600 rose 0.06% led by mining stocks rising 2.4%, Germany’s DAX fell 0.13%, the French CAC fell 0.16%, and, in the UK, the FTSE100 rallied 0.91%. British economic output increased by 0.1% MoM in February which was inline with expectations, and provides a further sign of slight improvement in economic stability following sluggish growth over recent months. The European Central Bank also announced the holding of interest rates for a fifth consecutive meeting on Thursday but gave its clearest signal yet that rate cuts are on the horizon in the near future.

In Asia on Friday, markets closed mixed in the region as economic data and key inflation readings sparked mixed investor reactions. Hong Kong’s Hang Seng lost 2% and China’s CSI Index fell 0.81% following China’s exports falling more than expected in the month of March, coming in at a decline of 7.5% compared to the 2.3% fall economists were expecting.

Locally on Friday the ASX closed the final trading session of the week lower as investors continue to question rate cut hopes out of the RBA and Fed. The ASX200 fell 0.3% on Friday but rose 0.3% for the week. Consumer staples and discretionary stocks weighed on the market on Friday but some of the heavy losses were offset by strong gains for utilities and tech stocks.

Star Entertainment Group fell 7.3% on Friday after reporting a significant decline in revenues from its gaming rooms, while Cettire dropped almost 7% despite preliminary sales figures for Q3 coming in strong.

What to watch today:

• Ahead of the local trading session here in Australia to start the new trading week, the SPI futures are expecting the ASX to open Monday’s session down 0.64% tracking Wall Street’s losses on Friday.
• On the commodities front this morning, oil is trading 0.36% lower at US$85.36/barrel, gold is up 0.7% at US$2359/ounce and iron ore is up 1.28% at US$106.50/tonne.
• AU$1.00 is buying US$0.64, 99.22 Japanese Yen, 52.29 British Pence and NZ$1.09.

Trading Ideas:

• Bell Potter has increased the rating on Cettire (ASX:CTT) from a hold to a buy but have reduced the 12-month price target on the online fashion retailer from $4.50 to $4.00 per share following the release of a Q3 trading update including sales revenue of $168m which was 88% higher than the PCP and was a 14% beat on Bell Potter expectations, however, adjusted EBITDA margins of 3% were a miss to Bell Potter’s expectations.
• And Trading Central has identified a bullish signal on Bega Cheese (ASX:BGA) following the formation of a pattern over a period of 33-days which is roughly the same amount of time the share price may rise from the close of $4.16 to the range of $4.65 to $4.75 according to standard principles of technical analysis.

Rate cuts are on hold as US inflation unexpectedly heats up. The latest data reveals a second consecutive month of rising inflation, dashing hopes for a cool down in June. We'll delve into the key drivers of this inflation surge and what it means for you. 

In this week’s wrap, Grady covers:  

• (0:10): the latest US inflation reading
• (0:43): the outlook on the Fed rate cut
• (0:54): key inflation drivers
• (4:20): what this means for investors
• (5:43): the most traded stocks & ETFs by Bell Direct clients
• (6:13): economic data to watch next week.

Wall St closed higher overnight as tech shares climbed higher following concerns of persistent inflation. The S&P500 rallied 0.74%, the tech-heavy Nasdaq climbed 1.68% while the Dow Jones closed flat. In terms of US stocks, Nvidia jumped 4.1%, Amazon gained 1.7% and Alphabet ended the day more than 2% in the green.

Over in Europe, markets closed lower overnight after the European Central Bank held rates steady. The STOXX600 closed 0.4% lower with most sectors in the red including banks which lost 2.4. Germany’s DAX lost 0.79%, the French CAC lost 0.27% and over in the UK the FTSE100 fell nearly half a percent.

Locally yesterday, the ASX200 fell 0.44% with losses lead by the information technology and financial sectors, losing 1.71% and 1.3% respectively. This was offset by the material sector which gained 1.4% by market close.

What to watch today: 

• The Australian market is set to open lower, with the SPI futures suggesting a fall of 0.37% at market open this morning.
• On the commodities front this morning,
  • Oil is trading 0.74% lower at US$85.58 a barrel, following hot inflation data coming out of the US. 
  • Gold is trading 1.57% higher at US$2372 an ounce as investors react to the latest inflation data and the implications it will have on the Fed’s monetary policy. 
  • And iron ore is trading 0.3% lower at US$104.02 a tonne.

Trading Ideas: 

• Bell Potter maintains a buy rating on Telix Pharmaceuticals (ASX:TLX) and has a 12-month price target of $14.50. The buy rating is maintained by Bell Potter as Telix has filed for a new investigational drug application for TLX591. TLX continues to pursue a NASDAQ listing primarily for the purpose of enabling better access to the deep pool of specialist investors focused on biotechnology and radiopharmaceuticals in the US. TLX591 is the first of the companies therapeutic products, hence there is a great deal riding on the opening of the investigational new drug.
• And Trading Central has identified a bearish signal in NIB Holdings (ASX:NHF), indicating that the stock price may fall from the close of $7.70 to the range of $7.13-$7.23 on a pattern formed over 26 days, according to the standard principles of technical analysis.

Rising treasury yields on the back of a hotter-than-expected inflation reading for March caused US investors to hit the sell button on equities on Wednesday with the Dow Jones falling 1.09% while the S&P500 lost 0.95% and the Nasdaq closed 0.84% lower.

Key US inflation data out overnight came in higher than economists and markets were expecting at an annual rate of 3.5% in March compared to 3.2% in February and showed acceleration in inflation for a second straight month, indicating inflation in the world’s largest economy remains stickier than first expected. Energy costs and food inflation were two of the key drivers of the inflation rate rise and add support for the Fed to hold rates steady for a little while to come. Markets naturally responded negatively as investors had been holding out hope for rate cuts as soon as June.

The Fed’s latest meeting minutes were also released just an hour ago where investor sentiment was dampened further by Fed officials’ concerns that inflation isn’t falling fast enough to the 2% target. US producer price index data is also out today with the market expecting a drop in the PPI from the 0.6% rise reported in February from January this year.

In Europe on Wednesday, markets closed mixed in the region as investors digested the inflation reading out of the US. The STOXX600 closed 0.12% higher, Germany’s DAX rose 0.11%, the French CAC fell 0.05% and, in the UK, the FTSE100 ended the day up 0.33%.

Across the Asia markets on Wednesday, markets closed mostly lower as Japan’s corporate inflation rate rose to 0.8%, which signals a third straight month of increase. Japan’s Nikkei fell 0.5% on Wednesday, Hong Kong’s Hang Seng rose 1.75%, China’s CSI Index lost 0.81% and South Korea’s Kospi Index closed flat.

China’s all-important inflation data is also out today with the market expecting a decline to 0.4% YoY from 0.7% in February which would suggest that any hopes of China’s material recovery post-pandemic have eased.

Locally, the ASX continued this week’s winning streak into the Wednesday’s session with the key index closing the day up 0.31%, with materials stocks again doing most of the heavy lifting with the sector ending the day up 2.34% amid the rising price of iron ore.

Healthcare stocks also lifted the market on Wednesday as Ansell extended its rally a further 4% on the back of a major US acquisition announcement. Neuren rallied 2.2% and ResMed jumped 2.17% on Wednesday.

What to watch today:

• Ahead of the local trading session on Thursday the SPI futures are expecting the ASX to open the day down 0.82% tracking Wall Street’s inflation-driven sell-off overnight.
• On the commodities front this morning, oil has rebounded to trade 1.2% higher at US$86.25/barrel, gold is down 0.82% at US$2334/ounce and iron ore is up 3.32% to trade at US$109/tonne.
• AU$1.00 is buying US$0.65, 99.51 Japanese Yen, 51.68 British Pence and NZ$1.09.

Trading Ideas:

• Bell Potter has retained a buy rating on Capricorn Metals (ASX:CMM) and have increased the 12-month price target on the gold miner from $5.95 to $6.15 following the release of a production update at the company’s 100% owned Karlawinda Gold Project. Despite the company lowering its production guidance due to major rainfall impacting operations late in March, the analyst sees Capricorn has high quality operations at the Karlawinda Gold Project, low costs, a strong balance sheet and free cashflow which helps to mitigate the company’s single mine risk.
• Trading Central has identified a bullish signal on Yancoal Australia (ASX:YAN) following the formation of a pattern over a period of 21 days which is roughly the same amount of time the share price may rise from the close of $5.63 to the range of $5.94 to $6.02 according to standard principles of technical analysis.

Wall St closed mostly higher across the major indices on Tuesday as investors sat back in anticipation of the release of key inflation data out on Wednesday. The Dow Jones fell just 0.02%, the S&P500 gained 0.14%, and the Nasdaq rose 0.32%.

Key US inflation data is out later tonight which will indicate how well the Fed’s aggressive stance on interest rates has worked to tame inflation in the world’s largest economy. Economists’ are expecting core inflation rate, which excludes volatile items such as food and energy, to ease to 3.7% YoY for March and the overall inflation rate to increase to 3.4% in March from 3.2% in February amid escalating energy prices.

In Europe overnight, a pullback across markets in the region was experienced as investors look toward key economic data out later this week to gauge how local and global inflation is faring. The STOXX600 fell 0.6% on Tuesday, Germany’s DAX lost 1.32%, the French CAC fell 0.86%, and, in the UK, the FTSE100 ended the day down 0.11%.

Across Asia markets on Tuesday, regions closed mixed as investors assessed key consumer confidence data out of Japan and looked ahead to US inflation data out on Wednesday. Japan’s consumer confidence level rose to the highest level since May 2019, prompting Japan’s Nikkei to close up 1.08% on Tuesday, while South Korea’s Kospi fell 0.46% and Hong Kong’s Hang Seng ended the day up 0.7%.

Locally, ASX started the week in positive territory which extended into Tuesday’s green close with the ASX200 ending the session up 0.45% led by materials stocks rising 1.5%. The materials rally was led by the rising price of iron ore on fresh hopes that China’s long-awaited economic recovery could be making some material progress thus driving demand outlook for iron ore.

Westpac consumer confidence data for April and NAB business confidence data for March were both released yesterday with starkly different results indicating a clear difference in consumer vs business confidence at present.

Westpac consumer confidence for April revealed a decline to minus 2.4% from minus 1.8% in March which is well below the rise to 0.5% economists were expecting, which paints a reading that Aussie consumers remain concerned over household finances and borrowing costs in the currently elevated interest rate environment.

NAB business confidence on the other hand surprised both markets and economists, coming in at a rise of to 1 index point from a flat reading in February and above economists’ expectations of a decline to -3 points, indicating business sentiment is improving down under as inflationary pressures continue to ease.

What to watch today:

• Ahead of the local midweek trading session, the SPI futures are expecting the ASX to open 0.31% higher on the back of Wall Street’s rally overnight.
• On the commodities front this morning, oil is trading 1.54% lower at US$85.22/barrel, gold is up 0.4% at US$2349/ounce and iron ore is up 3.43% at US$105.50/tonne.
• AU$1.00 is buying US$0.66, 100.45 Japanese Yen, 52.17 British Pence, and NZ$1.09.

Trading Ideas:

• Bell Potter has maintained a buy rating on mining services and development company Develop Global (ASX:DVP), however, have decreased the 12-month price target on the company from $4.10 to $3.30 amid the restart of the company’s Woodlawn project expected to recommence production in 1HCY25, with Bell Potter’s analyst seeing the upcoming financing options for the restart project as an important upcoming catalyst for the company.
• And Trading Central has identified a bullish signal on Whitehaven Coal (ASX:WHC) following the formation of a pattern over a period of 39-days which is roughly the same amount of time the share price may rise from the close of $7.36 to the range of $8.15 to $8.35 according to standard principles of technical analysis.

Wall St closed Monday’s trading session mixed as investors await key US inflation data. The Dow Jones lost 0.03%, the S&P 500 fell 0.04%, while the tech-heavy Nasdaq gained 0.03%. US treasury yields also rose, up 4 basis points to 4.42%. In terms of US shares, Tesla shares gained 4.9% following the announcement from CEO, Elon Musk that the company’s robotaxi will be unveiled in August.

Over in Europe, markets closed higher to start the trading week as investors await on decisions from the central bank. The STOXX600 ended the day 0.5% in the green, led by mining stocks which rallied 2% whilst media stocks fell 0.2%. Germany’s DAX rose 0.79%, the French CAC increased by 0.72% and over I the UK the FTSE 100 gained 0.41%.

Locally yesterday, the ASX200 rose by 0.2% by market close, led by gains in the information technology and utilities sectors of 1.19% and 0.83% respectively. This was offset by the energy sector which lost 1.24% by closing bell.

What to watch today: 

• The Australian share market is set to open higher with the SPI futures suggesting a rise of 0.46% at market open this morning.
• On the commodity front this morning, 
  • Oil is trading 0.44% lower at US$86.57 a barrel as easing tensions in the Middle East outweighed expectations of tighter global supply.
  • Gold is trading 0.41% higher at US$2339 an ounce and iron ore is trading flat at US$102 a tonne.

Trading Ideas: 

• Bell Potter has maintained a buy rating on Beach Energy (ASX:BPT), despite decreasing its 12-month price target to $1.80. The buy rating is maintained by Bell Potter as Waitsia Stage 2 and expansions in the Otways are key growth drivers for BPT, in a market where peers are struggling to lift production. BPT is rolling-off peak capex into a step-change in production and free cash flow in FY25-26 and has retained a strong balance sheet.
• And Trading Central has identified a bearish signal in Patriot Battery Metals (ASX:PMT), indicating that the stock price may fall from the close of $0.84 to the range of $0.71-$0.73 on a pattern formed over 23 days, according to the standard principles of technical analysis.

Wall Street recovered to rally mode on Friday as investors welcomed better-than-expected jobs data indicating the world’s largest economy remains robust as inflation falls and interest rates remain elevated. The rally on Friday was not enough to overcome a losing week across the key indices for Wall St though with the Dow Jones rising 0.8% on Friday but sliding 2.27% for the week, the S&P500 gained 1.11% on Friday but fell 0.95% over the week and the tech-heavy Nasdaq jumped 1.24% on Friday but ended the week down 0.8%. The US Labour Departments’ jobs report out of Friday showed jobs growth of 303,000 in March which beat economists’ expectations of 200,000. Wages also rose 0.3% for the month and 4.1% from a year ago which were in-line with estimates.

Over in Europe, markets closed lower on the holiday-shortened trading week as investors digested key economic data. The STOXX600 fell 0.84%, Germany’s DAX lost 1.24%, the French CAC fell 1.11% and, in the UK, the FTSE100 ended Friday’s session down 0.84%. House prices fell 1% month-on-month in March which were below economists’ expectations of a 0.1% rise in a sign the housing market is crippling under the high interest rate pressure.

Across the Asia markets on Friday, markets closed mixed as South Korea’s Kospi index soared 1.29%, while Japan’s Nikkei ended the day flat, and Hong Kong’s Hang Seng ended the day down 0.18%.

Locally on Friday, the ASX200 posted its third loss over the shortened-trading week, ending the session down 0.6% as local investors were spooked by comments out of the Fed indicating rate cuts may not happen this year if inflation remains sticky.

What to watch today:

• Ahead of the first trading session of the new week locally, the SPI futures are expecting the ASX to open Monday’s session up 0.5% tracking Wall Street’s rally on Friday.
• AU$1.00 is buying US$0.66, 99.62 Japanese Yen, 52.07 British Pence and NZ$1.09.
• On the economic calendar today, Australia’s home loans data for February is out just before midday with the expectation of a 2.25% rise in home loans MoM following a 4.6% drop in January which will indicate a rebound in Aussies’ appetite for home loans as rate cuts are on the horizon.

Trading Ideas:

• Bell Potter maintains a speculative buy rating on Mesoblast (ASX:MSB) and have significantly increased the 12-month price target on the biotech company from 58cps to $1.40cps following the FDA informing MSB that the available clinical data from its Phase 3 study in children with steroid refractory acute graft versus host disease appears sufficient to support resubmission of the Biological Licence Application (BLA) for Remestemcel. Bell Potter’s analyst sees the best estimate for approval of Remestemcel is mid-August this year.
• And Trading Central has identified a bullish signal on NRW Holdings (ASX:NWH) following the formation of a pattern over a period of 15-days which is roughly the same amount of time the share price may rise from the close of $2.87 to the range of $3.10 to $3.16 according to standard principles of technical analysis.