On Monday the S&P/ASX 200 Index (ASX: XJO) gave back the majority of its early gains to finish the day only slightly higher. The benchmark index rose 0.1% to 7,023.6 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market looks set to push higher on Tuesday despite a poor start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 16 points or 0.2% higher this morning. On Wall Street, the Dow Jones dropped 0.15%, the S&P 500 fell 0.25%, and the Nasdaq tumbled 0.4%.
Oil prices rise
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could be on the rise today after oil prices pushed higher. According to Bloomberg, the WTI crude oil price is up 1.5% to US$66.35 a barrel and the Brent crude oil price has risen 1.2% to US$69.53 a barrel. Oil prices climbed on global economic recovery hopes.
EML Payments on watch
The EML Payments Ltd (ASX: EML) share price could return from its trading halt this morning. On Monday the payments company requested the halt pending an announcement in relation to significant regulatory concerns notified by the Central Bank of Ireland. These concerns relate to the Prepaid Financial Services business that EML acquired back in March 2020.
Gold price jumps
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a solid day after the gold price jumped overnight. According to CNBC, the spot gold price is up 1.55% to US$1,866.60 an ounce. Weakness in stocks and bond yields drove the gold price to a three-month high.
South32 given buy rating
On Monday South32 Ltd (ASX: S32) announced the divestment of its coal business. This went down well with the market and analysts. One of the latter was Goldman Sachs, which believes the move is transformational. In light of this, the broker has reaffirmed its conviction buy rating and $3.40 price target on the mining giant’s shares.
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More reading
- ASX 200 rises, Nuix drops, Elders falls
- 3 ASX 200 gold mining shares that shone today
- These 3 ASX ETFs are some of the cheapest on the market
- Why is the Telstra (ASX:TLS) share price falling today?
- Is ASX 200 share market volatility always a buying opportunity?
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 EML Payments. The Motley Fool Australia has recommended EML Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post 5 things to watch on the ASX 200 on Tuesday appeared first on The Motley Fool Australia.
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