On Monday the S&P/ASX 200 Index (ASX: XJO) started the week in a positive fashion and pushed higher. The benchmark index rose 0.3% to 6,129.6 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to rise again.
It looks set to be another positive day for the ASX 200 after Wall Street started the week very strongly. According to the latest SPI futures, the benchmark index is poised to open the day 41 points or 0.7% higher this morning. In the United States, the Dow Jones jumped 1.35%, the S&P 500 climbed 1%, and the Nasdaq index pushed 0.6% higher. News that the Trump administration is considering fast tracking an experimental coronavirus vaccine developed in the UK lifted markets.
Oil prices rebound.
It could be a decent day for energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) after oil prices rebounded. According to Bloomberg, the WTI crude oil price is up 0.15% to US$42.40 a barrel and the Brent crude oil price has jumped 1.5% to US$45.01 a barrel.
Gold price sinks lower.
The improving investor sentiment could weigh on gold miners such as Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) on Tuesday. According to CNBC, the spot gold price dropped 0.65% to US$1,934.90 an ounce amid optimism over the potential coronavirus treatment. This led to softening demand for safe haven assets.
Blackmores results.
The Blackmores Limited (ASX: BKL) share price will be on watch on Tuesday when it releases its full year results. The health supplements company is believed to have had a mixed time during the pandemic. Although demand for vitamins has been strong, supply issues appear to have prevented it from fully capitalising on the trend. According to CommSec, the market expects a net profit after tax of $17.77 million.
Ansell full year result.
One company that is expected to have done exceptionally well during the pandemic is safety products company Ansell Limited (ASX: ANN). It hands in its report card today and is expected to post a net profit after tax of US$153 million, according to CommSec. Strong demand for personal protective equipment (PPE) is expected to be the driver of the strong result.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. The Motley Fool Australia has recommended Ansell Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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