On Thursday, the S&P/ASX 200 Index (ASX: XJO) finished the shortened week in style. The benchmark index rose 0.6% to 7,523.4 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to edge higher
The Australian share market looks set to start the week with a small gain. According to the latest SPI futures, the ASX 200 is poised to open the day 10 points or 0.1% higher. On Wall Street on Monday night, the Dow Jones fell 0.1%, the S&P 500 was flat, and the Nasdaq dropped 0.15%.
Allkem shares rated a buy
The Allkem Ltd (ASX: AKE) share price could be good value according to the team at Bell Potter. In response to the lithium miner’s third quarter update, the broker has retained its buy rating but trimmed its price target slightly to $17.53. Bell Potter said: “We expect AKE’s near term cash generation to lift substantially into 2023 as strength in lithium commodity indices flows through to lagged realised prices.”
Oil prices rise
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a decent day after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 0.9% to US$107.92 a barrel and the Brent crude oil price has risen 1.2% to US$113.06.94 a barrel. A Libyan outage added to supply concerns.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a decent day after the gold price rose overnight. According to CNBC, the spot gold price is up 0.3% to US$1,981.20 an ounce. The precious metal hit a one-month high amid concerns over rising inflation.
Bank of Queensland rated as a buy
Investors may have responded negatively to the Bank of Queensland Limited (ASX: BOQ) half year results, but one leading broker is keeping the faith. According to a note out of Goldman Sachs, its analysts have retained their buy rating but trimmed their price target to $9.34. The broker highlights that “BOQ’s 12-month forward PER (ex-dividend adjusted) is trading at a 30% discount to the sector versus a 15-year average discount of 2%.”
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 over ten 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 January 12th 2022
More reading
- Top brokers name 3 ASX shares to buy next week
- These were the worst performing ASX 200 shares last week
- These were the best performing ASX 200 shares last week
- Brokers name 3 ASX shares to buy today
- Here are the top 10 ASX shares today
Motley Fool contributor James Mickleboro owns Orocobre 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 has no position in any of the stocks mentioned. 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/EXMJCQv
Leave a Reply