The S&P/ASX 200 Index (ASX: XJO) ended its losing streak and pushed higher on Monday. The benchmark index rose 0.3% to 5,944.8 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 futures pointing higher.
The ASX 200 index looks set to push higher again on Tuesday. According to the latest SPI futures, the benchmark index is expected rise 38 points or 0.65% at the open. This follows a very positive start to the week on European markets. The DAX rose 2% and the FTSE jumped 2.4% during overnight trade. Wall Street was closed for the Labor Day holiday.
Oil prices drop lower again.
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could come under pressure on Tuesday after oil prices dropped lower again. According to Bloomberg, the WTI crude oil price has fallen 1.8% to US$39.07 a barrel and the Brent crude oil price has dropped 1.4% to US$42.05 a barrel. Oil prices dropped lower after Saudi Arabia made its deepest monthly price cuts for supply to Asia in five months.
Platinum update.
The Platinum Asset Management Ltd (ASX: PTM) share price will be on watch on Tuesday after the release of its funds under management update. According to the release, Platinum experienced net outflows of approximately $202 million during the month of August. This left the fund manager with a total of $21.7 billion of funds under management.
Gold price rises.
The shares of Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price rose slightly. According to CNBC, the spot gold price climbed slightly to US$1,934.60 an ounce. A stronger U.S. dollar has been weighing on the precious metal in recent days and holding it back.
More shares going ex-dividend.
Another group of shares are going ex-dividend this morning and could trade lower. This includes shipbuilder Austal Limited (ASX: ASB), steel producer BlueScope Steel Limited (ASX: BSL), lottery ticket seller Jumbo Interactive Ltd (ASX: JIN), and energy company Origin Energy Ltd (ASX: ORG).
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Jumbo Interactive Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Austal Limited. The Motley Fool Australia has recommended Jumbo Interactive Limited. 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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