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 very small gain. The benchmark index rose 5.1 points to 7,457.3 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 continue its rise on Tuesday following a strong night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 18 points or 0.25% higher. In late trade in the United States, the Dow Jones is up 0.6%, the S&P 500 is up 1%, and the NASDAQ is up 1.7%.

Oil prices hit seven-week high

Energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good day after oil prices rose again overnight. According to Bloomberg, the WTI crude oil price is up 0.3% to US$81.87 a barrel and the Brent crude oil price is up 0.9% to US$88.41 a barrel. Oil prices hit a seven-week high thanks to a stronger Chinese outlook.

South32 rated as a buy

Morgans has reiterated its add rating on South32 Ltd (ASX: S32) shares with an improved price target of $5.60 following the miner’s quarterly update. The broker said: “Despite the recent share price strength we still see further upside potential on offer as the upcycle in resources continues (while volatility is likely to also remain a feature). We maintain an ADD rating with a A$5.60 Target Price.”

Gold price edges higher

Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.1% to US$1,930.3 an ounce. The gold price rose despite the US dollar and bond yields ticking higher.

Lifestyle Communities is a strong buy

The Lifestyle Communities Ltd (ASX: LIC) share price may be nearing a 52-week high but Goldman Sachs believes it remains great value. This morning the broker has reiterated its conviction buy rating with an improved price target of $26.00. It said: “We believe inquiry rates and demand remain high for LIC’s homes. The company is likely to report a strong sales pipeline supporting the view that settlements will rise significantly.”

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

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Here are the top 10 ASX 200 shares today
• 3 things Scott Phillips is most excited about investing in 2023
• Here are the 3 most heavily traded ASX 200 shares on Monday
• Perpetual share price gains as $2b Pendal acquisition officially completed
• This ASX 200 healthcare share just hit a new 52-week high. Here’s why

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 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 Scott Phillips.

from The Motley Fool Australia https://ift.tt/lD2cLgU