5 things to watch on the ASX 200 on Tuesday

Contented looking man leans back in his chair at his desk and smiles.

Contented looking man leans back in his chair at his desk and smiles.

On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small gain. The benchmark index rose 0.15% to 7,267.1 points.

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

ASX 200 expected to edge higher

The Australian share market looks set to edge higher this morning following a positive start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 2 points higher. In the United States, the Dow Jones was up 0.15%, the S&P 500 was up 0.3%, and the NASDAQ rose 0.65%.

Oil prices higher

Energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have decent session after oil prices pushed higher. According to Bloomberg, the WTI crude oil price is up 1.6% to US$71.16 a barrel and the Brent crude oil price is up 1.55% to US$75.31 a barrel. Oil prices rose amid tightening supplies.

Allkem rated as a buy

The Allkem Ltd (ASX: AKE) share price could still have plenty of room to climb from current levels. That’s the view of analysts at Bell Potter, which have retained their buy rating with a $19.20 price target. The broker said: “Combining with LTHM and the NYSE listing could see an earnings multiple uplift. AKE is trading at a slight discount to the implied deal value, which we expect will close if deal certainty improves.”

Gold price largely flat

Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price traded largely flat overnight. According to CNBC, the spot gold price is up a fraction to US$2,020.5 an ounce. Traders appear undecided whether gold is heading higher or lower from here as US debt ceiling talks take place.

Telstra mobile price increases are good news

Goldman Sachs has been looking at the mobile price increases announced by Telstra Group Ltd (ASX: TLS) this week. The broker believes the price increases “reinforces our confidence in our +5.6% EBITDA growth in FY24E.” Goldman has a buy rating and $4.70 price target on the telco giant’s shares.

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

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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 positions in and has recommended Telstra Group. 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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