Hot Stocks – BHP and Bluescope

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First up today, we have CMC Markets’  Chief Market Strategist, Michael McCarthy. He likes BHP saying movement on trade is a key issue for global miners. “I think the coming days will see rallies in industrial commodities, especially iron ore and copper. BHP looks as if it has found support around $31, and in my view a rally to $35 is on the cards.” 

Source: ASX

Next up, ST Wong, CIO & Portfolio Manager, Equities, Prime Value Asset Management Ltd, likes Bluescope (BSL). “BSL has fallen from $18 in July to $11.23 currently,” he says. “A $250 million share buyback announced today will be supportive of BSL’s share price.

“Fundamentally, Australian demand for BSL’s steel products continue to be supported by detached housing alterations activities, while its US North Star business continues to operate at full capacity,” he adds.

Source: ASX


Michael doesn’t like Mirvac Group (MGR). “The recent rally in interest rate sensitive stocks may have run its course, and was a correction of an ongoing down trend. Investors may wish to take advantage in the event that overall sentiment moves back toward growth.

Source: ASX

ST doesn’t like Metcash (MTS). “MTS’s 1H19 result (reported today) highlights the risks facing the supermarket business: declining volumes across a number of states (Western Australia in particular) and potentially rising competition,” he says.

“MTS’s hardware business is also vulnerable to a housing slow down, with 65% of revenues driven by sales to trade,” he adds.

Source: ASX

Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regard to your circumstances.

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