Morning Bell 17 April

Yesterday our local market closed slightly lower, down 0.04%, with energy and information technology down the most.  

On the ASX200 leaderboard, BNPL company ZIP Co (ASX:ZIP) advanced more than 16% after the company reported a 219% year-on-year increase in EBITDA of $46 million. 

Overnight, US equities closed in the red, with all three major benchmarks down after a significant tech sell- off and tariff concerns. The Dow Jones lost 1.7% or almost 700 points, the S&P500 closed 2.24% lower, while the tech- heavy Nasdaq closed 3.07% lower. 

What to watch today:

• The SPI futures are suggesting the Australian market will fall 0.33% at the open this morning, following the heavy sell- off on Wall Street. 
• Keep watch of BHP Group (ASX:BHP) this morning as the mining giant is set to release its third quarter update.
• And in economic data, today Australia’s unemployment rate data for March will be released.  
• Looking at commodities, 
  • Crude oil is trading higher, 2.44% in the green at US$62.82 per barrel, as fresh US sanctions on Chinese importers of Iranian crude, reignited supply concerns. 
  • The price of gold reached a record high, trading up 3.25% at US$3,356.67 an ounce, as the increasing unpredictability of the US trade policy and low demand for the US dollar and Treasury securities has left gold as one of the main saf0- haven commodities. 
  • And iron ore is steady at US$100.19 a tonne.  

Trading Ideas:

• Bell Potter maintains their Buy rating on Select Harvest (ASX:SHV) after the almond grower delivered a disappointing crop update with an approximate 10% downward revision to FY25 crop expectations. Bell Potter believe it was largely offset by stronger pricing outcomes, which look likely to be a greater benefit into FY26-27. Their 12- month price target remains unchanged at $5.80, and at SHV’s current share price of $4.60, this implies 26.1% share price growth in a year.
• Trading Central have identified a bullish signal in QBE Insurance Group (ASX:QBE) indicating that the stock price may rise from the close of $21.36.