On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a subdued fashion. The benchmark index fell slightly to 7,452.2 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market looks set to rebound on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day 12 points or 0.15% higher this morning. This follows a decent start to the week on Wall Street, which in late trades sees the Dow Jones up 0.2%, the S&P 500 up 0.15%, and the Nasdaq trading 0.25% higher.
NAB full year results
The National Australia Bank Ltd (ASX: NAB) share price will be on watch today when it releases its full year results. According to a note out of Morgans, its analysts are expecting the banking giant to report cash earnings from continuing operations of $6,597 million in FY 2021. This is broadly in line with consensus estimates. The broker has also pencilled in a fully franked final dividend of 64 cents per share.
Oil prices rise
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could have a positive day after a decent night for oil prices. According to Bloomberg, the WTI crude oil price is up 0.55% to US$81.70 a barrel and the Brent crude oil price has risen 0.65% to US$83.28 a barrel. Oil prices were boosted by the passing of the US infrastructure bill.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could be on the rise today after the gold price pushed higher. According to CNBC, the spot gold price is up 0.6% to US$1,827.7 ounce. The gold price has been rising amid dovish central bank comments about interest rate increase plans.
A2 Milk shares still a buy
The A2 Milk Company Ltd (ASX: A2M) share price is in the buy zone according to the team at Bell Potter. This morning its analysts retained their buy rating and $7.70 price target on the company’s shares. The broker sees scope for the infant formula company’s earnings per share to double by FY 2026.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended A2 Milk. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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