On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a disappointing fashion. The benchmark index fell 0.55% to 7,239.8 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
ASX 200 expected to rebound
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 50 points or 0.7% higher this morning. This follows a solid start to the week on Wall Street, which in late trades sees the Dow Jones up 0.9%, the S&P 500 up 1.6%, and the Nasdaq trading 2% higher. The latter bodes well for Aussie tech shares today.
Collins Foods results
The Collins Foods Ltd (ASX: CKF) share price will be on watch today when it releases its half year results. No guidance has been given for FY 2022, other than its plan to build 9 to 12 KFC restaurants in Australia this financial year. Macquarie is bullish on the company and currently has an outperform rating and $14.75 price target on its shares.
Oil prices rise
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) will be on watch after oil prices rebounded. According to Bloomberg, the WTI crude oil price is up 3.4% to US$70.41 a barrel and the Brent crude oil price has risen 1.8% to US$74.05 a barrel. Traders were buying oil on the belief that Friday’s selloff was an overreaction.
Gold price falls
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a subdued day after the gold price edged lower. According to CNBC, the spot gold price is down 0.2% to US$1,784.4 an ounce. Improving investor sentiment put pressure on the safe haven asset.
Harvey Norman rated a buy
The team at Goldman Sachs sees a lot of value in the Harvey Norman Holdings Limited (ASX: HVN) share price. This morning the broker retained its buy rating and $6.00 price target on the retail giant’s shares. Goldman continues to expect “underlying sales growth vs. pre-COVID levels to remain strong due to the positive housing related spending environment and an overall expected increase in spending for the home category,”
The post 5 things to watch on the ASX 200 on Tuesday appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of August 16th 2021
More reading
- AFIC (ASX:AFI) aims to grow its dividends faster than inflation. Is it delivering?
- Here are the top 10 ASX shares today
- These 3 ASX 200 shares are topping the volume charts this Monday
- Here’s why the BetaShares Crude Oil Index ETF (ASX:OOO) is sliding 5% today
- ASX 200 (ASX:XJO) midday update: Omicron hits Flight Centre, Domino’s jumps
Motley Fool contributor James Mickleboro owns shares of Collins Foods Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Harvey Norman Holdings Ltd. The Motley Fool Australia has recommended Collins Foods Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/3rlie3q
Leave a Reply