5 things to watch on the ASX 200 on Tuesday

On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a decent gain. The benchmark index rose 0.6% to 7,151.3 points.

Will the market be able to build on this on Tuesday? Here are five things to watch:

ASX 200 expected to rise again

The Australian share market looks set to rise again on Tuesday following a decent night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 15 points or 0.2% higher. In late trade in the United States, the Dow Jones is up 0.1%, the S&P 500 is up 0.65%, and the NASDAQ has jumped 1.6%.

Oil prices rise

Energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good day after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.3% to US$74.74 a barrel and the Brent crude oil price is up 1.3% to US$79.57 a barrel. Oil prices rose on demand optimism as China’s borders reopen.

Lithium miners on watch

It could be a good day for lithium miners such as Allkem Ltd (ASX: AKE) and Pilbara Minerals Ltd (ASX: PLS) on Tuesday. This follows a strong night for US-listed lithium miners such as Albemarle, Livent, and SQM. Investors were buying higher risk shares after investor sentiment continued to improve.

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 again overnight. According to CNBC, the spot gold price is up 0.4% to US$1,876.8 an ounce. The gold price hit an eight-month high on US Federal Reserve interest rate slowdown bets.

Premier Investments goes ex-div

The Premier Investments Limited (ASX: PMV) share price is likely to trade lower on Tuesday. This is because the retail conglomerate’s shares are going ex-dividend for its upcoming dividend payment. The Peter Alexander and Smiggle owner declared a fully franked final and special dividend totalling 79 cents per share. This equates to a 3% yield at today’s price.

The post 5 things to watch on the ASX 200 on Tuesday appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Leading brokers name 3 ASX shares to buy today
• Here are the 3 most heavily traded ASX 200 shares on Monday
• Will 2023 bring gains for ASX 200 shares? Here’s what Citi is forecasting
• Mineral mania: 5 ASX 200 mining shares smashing new highs on Monday

Motley Fool contributor James Mickleboro has positions in Allkem. 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 Premier Investments. 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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