On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with the smallest of declines. The benchmark index edged a fraction lower to 8,729.4 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
ASX 200 to sink
The Australian share market looks set to tumble on Tuesday despite a strong night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 123 points or 1.4% lower. In the United States, the Dow Jones rose 0.9%, the S&P 500 climbed 1.65%, and the Nasdaq stormed 3.1% higher.
PLS shares given hold rating
PLS Group Ltd (ASX: PLS) shares are fully valued according to analysts at Bell Potter. This morning, the broker has retained its hold rating with an improved price target of $6.15 (from $5.50). It said: “We maintain our Hold recommendation. At current lithium market prices, PLS will generate substantial earnings and cash flow with the restart of the 200ktpa Ngungaju processing plant. P2000 and Colina development studies are being progressed, providing substantial organic growth optionality in markets with strong underlying EV and BESS-led long term demand fundamentals.”
Oil prices sink
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a tough session after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 4.1% to US$81.42 a barrel and the Brent crude oil price is down 4.1% to US$83.73 a barrel. This follows news that the US and Iran have signed a peace deal.
Gold price storms higher
ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a good session after the gold price stormed higher overnight. According to CNBC, the gold futures price is up 2.3% to US$4,337.7 an ounce. Traders were buying gold amid easing interest rate hike fears after oil prices pulled back.
Buy Mineral Resources shares
Mineral Resources Ltd (ASX: MIN) shares are good value according to Bell Potter. This morning, the broker has retained its buy rating with an improved price target of $83.00. This implies potential upside of approximately 16% from current levels. It said: “Completion of the US$765m MIN-POSCO lithium transaction will accelerate balance sheet deleveraging paired with cash flows from persistent iron ore and lithium market prices. MIN’s mining services platform delivers a stable earnings stream that is expected to expand with internal and third-party volume growth. The company is well positioned to execute its next phase of growth with potential to reinstate fully franked dividends.”
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 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.