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 small decline. The benchmark index fell 0.2% to 7,263.3 points.

Will the market be able to bounce back from 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 reasonably positive start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 6 points or 0.1% higher. In the United States, the Dow Jones was down 0.4%, but the S&P 500 was up slightly and the NASDAQ rose 0.5%.

Oil prices higher

Energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a good session after oil prices pushed higher. According to Bloomberg, the WTI crude oil price is up 0.35% to US$71.81 a barrel and the Brent crude oil price is up 0.55% to US$75.99 a barrel. Oil prices rose on news of lower supplies from Canada and OPEC+ producers.

TechnologyOne half-year results

The TechnologyOne Ltd (ASX: TNE) share price will be in focus today when the enterprise software company releases its half-year results. According to a note out of Bell Potter, its analysts are expecting a 14% increase in revenue to $196.6 million and a 17% jump in profit before tax to $49.9 million. Keep an eye on the company’s guidance. Bell Potter suspects that a medium term guidance upgrade could be coming in the near future.

Gold price falls

Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price fell overnight. According to CNBC, the spot gold price is down 0.4% to US$1,974.3 an ounce. Hawkish comments out of the US Fed put pressure on the gold price.

Capricorn Metals upgraded to buy rating

Another ASX 200 gold share that will be in focus is Capricorn Metals Ltd (ASX: CMM). This morning, analysts at Bell Potter have upgraded its shares to a buy rating with a $4.90 price target. The broker said: “CMM is a sector leading gold producer with strong balance sheet and a management team that has an excellent track record of operational delivery. Its costs are among the lowest in the sector and consistently generates strong cash margins.”

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
• Here are the 3 most heavily traded ASX 200 shares on Monday
• Analysts say these ASX 200 growth shares are top buys right now
• Guess which ASX 200 director has been stocking up on company shares before they trade ex-dividend tomorrow
• 5 things to watch on the ASX 200 on Monday

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Technology One. The Motley Fool Australia has recommended Technology One. 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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