On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a decline. The benchmark index fell 0.65% to 8,461 points.
Will the market be able to bounce back on Tuesday? Here are five things to watch:
ASX 200 set to edge higher
The Australian share market looks set for a subdued session on Tuesday following a poor start to the week in the US. According to the latest SPI futures, the ASX 200 is poised to open the day 1 point higher. In late trade on Wall Street, the Dow Jones is up a fraction, but the S&P 500 is down 0.5% and the Nasdaq is 0.9% lower.
Oil prices jump
It could be a good session for ASX 200 energy shares such as Karoon Energy Ltd (ASX: KAR) and Santos Ltd (ASX: STO) after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 4.35% to US$103.96 a barrel and the Brent crude oil price is up 1.25% to US$113.98 a barrel. This leaves oil prices on track to post a record monthly surge.
Shares going ex-dividend
A number of ASX shares are going ex-dividend this morning and could trade lower. This includes Cromwell Property Group (ASX: CMW), GenusPlus Group Ltd (ASX: GNP), Maas Group Holdings Ltd (ASX: MGH), and New Hope Corporation Ltd (ASX: NHC). The latter will be paying its shareholders a 10 cents per share fully franked dividend next month on 20 April.
Gold price edges higher
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Ramelius Resources Ltd (ASX: RMS) could have a relatively positive session on Tuesday after the gold price edged higher overnight. According to CNBC, the gold futures price is up 0.1% to US$4,494.7 an ounce. This was driven by increased demand for safe haven assets.
Strike Energy named as a buy
The team at Bell Potter has named Strike Energy Ltd (ASX: STX) shares as a speculative buy with a 15 cents price target. This implies potential upside of over 40% for investors from current levels. It said: “STX announced that the Western Australian Economic Regulation Authority had finalised its determination for the Benchmark Reserve Capacity Price for the 2028/29 capacity year at $488,500/MW per year which could support revenues of around $42m from the South Erregulla project, before electricity sales.”
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 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 GenusPlus Group. The Motley Fool Australia has recommended GenusPlus Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.