The S&P/ASX 200 Index (ASX: XJO) went into the Easter break on a disappointing note. The benchmark index fell 0.3% to 7,214.9 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to fall again on Tuesday following a subdued start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 12 points or 0.2% higher. In late trade in the United States, the Dow Jones is up 0.1%, the S&P 500 is down 0.1%, and the NASDAQ is down 0.1%.
Oil prices tumble
Energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have tough session after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 1.1% to US$79.83 a barrel and the Brent crude oil price is down 1% to US$84.28 a barrel. Recession and rate hike concerns appear to be weighing on prices.
Buy Eagers ahead of Bapcor: Morgans
The team at Morgans has been running the rule over the auto and autoparts industry and is telling investors to buy Eagers Automotive Ltd (ASX: APE) ahead of Bapcor Ltd (ASX: BAP). Morgans has an add rating and $15.85 price target on Eagers shares and a holding rating and $7.40 price target on Bapcor’s shares. The broker notes that electric vehicle sales have now hit 7.4% of the market and highlights that Eagers has “direct leverage to EV penetration.â
Gold price drops
It could be a poor day for gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) after the gold price dropped overnight. According to CNBC, the spot gold price is down 1% to US$2,005.9 an ounce. The release of strong US jobs data appears supportive of further rate hikes.
Dividends being paid
A number of ASX 200 shares will be rewarding their shareholders with their latest dividend payments on Tuesday. This includes New Zealand based telco Chorus Ltd (ASX: CNU), integrated services company Downer EDI Ltd (ASX: DOW), administration services company Link Administration Holdings Ltd (ASX: LNK).
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
- Will the ASX 200 hit 7,500 again in 2023?
- Here are the top 10 ASX 200 shares today
- Here are the 3 most heavily traded ASX 200 shares on Thursday
- 5 things to watch on the ASX 200 on Thursday
- Here are the top 10 ASX 200 shares today
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 positions in and has recommended Link Administration. The Motley Fool Australia has recommended Bapcor. 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://www.fool.com.au/2023/04/11/5-things-to-watch-on-the-asx-200-on-tuesday-160/
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