2 June 2022
Here’s what’s new from Stockfox this week:
- Are tech stocks turning around?
- Can the world cope without Russian oil?
- How we fared with property sector tips.
The graph below is of the NASDAQ Composite Index over the past 12 months. There has been a significant downturn since the beginning of April. However, it has recently broken the 12,000 support line after reaching a 52 week low point.
Huge technology companies such as Netflix (NASDAQ: NFLX) and Google (NASDAQ: GOOGL) have declined tremendously, but may be starting to recover, pushing up the NASDAQ market in turn.
Keep an eye out for the overall trend of the market because if it continues to increase, potential profits can be capitalised on. However, if it breaks the 12,000 line again, more bad times are expected to come.
The EU has recently agreed to ban all Russian oil imports which come by sea, in response to Russia’s invasion of Ukraine. The new sanctions could cut the amount of oil it buys from Russia by 90%.
Find out what impacts this will have on Russia, Europe and consumers who rely on the oil imports in this BBC News article.
Tip of the Week
This week’s tip of the week is for a company engaged in the commercialisation of milk and related products. The company is recovering on the prospect of China’s ports reopening after Covid-related lockdowns.
View the tip here.
We’ve issued four new tips this week.
Hive Blockchain Technologies (NASDAQ: HIVE) is exposed to the price trends in Bitcoin and other digital currencies, which have been weak in recent months.
Codan (ASX: CDA) has upgraded its earnings forecasts for its half and full years.
a2 Milk Company (NZX: ATM) will be able to resume exports to China, which is their main source of income.
Briscoe Group (NZX: BGP) is trading sideways and, given the cloudy outlook for the retail sector, it’s time to sell and take profits.
See more of our recommendations and analysis here.
The property sector has been hot and cold over the last little while in NZ, affecting companies engaged in selling and buying property and land.
Here are our most and least successful property-related tips, respectively, over the past six months.
See the performance of all Stockfox tips here.
NB: These are examples of just some of Stockfox trading recommendations. They are not a reflection of the success of all Stockfox tips, nor are they necessarily an indication of the success of any future Stockfox tips. If you act on our advice, there is no guarantee as to the repayment of your investment or any particular rate of return.