On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small gain. The benchmark index rose slightly to 8,728.6 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to push higher
The Australian share market looks set to push higher on Tuesday following a strong start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 35 points or 0.4% higher. In late trade in the United States, the Dow Jones is up 1.55%, the S&P 500 is 0.7% higher, and the Nasdaq is up 0.65%.
Oil prices rise
It could be a good session for ASX 200 energy shares Karoon Energy Ltd (ASX: KAR) and Santos Ltd (ASX: STO) after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.7% to US$58.29 a barrel and the Brent crude oil price is up 1.6% to US$61.74 a barrel. Traders were buying oil in response to Venezuelan uncertainty.
BlueScope takeover
BlueScope Steel Ltd (ASX: BSL) shares will be on watch today after the steel products company confirmed that it has received a $30.00 per share takeover offer from a consortium comprising SGH Ltd (ASX: SGH) and US-based Steel Dynamics (NASDAQ: STLD). After rejecting three earlier offers, the company is currently considering this one.
Gold price charges higher
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Ramelius Resources Ltd (ASX: RMS) could have a good session on Tuesday after the gold price jumped overnight. According to CNBC, the gold futures price is up 2.8% to US$4,449 an ounce. This was driven by safe haven demand after UK strikes on Venezuela.
Buy Northern Star shares
Northern Star Resources Ltd (ASX: NST) shares are good value according to analysts at Bell Potter. According to the note, the broker has retained its buy rating and $30.00 price target on the gold miner’s shares. In response to last week’s selloff following a production downgrade, Bell Potter said: “NST closed 8.6% lower on the announcement equating to A$3.3bn in market capitalisation loss. Assuming that these issues are merely one-offs, with production normalizing over 2H, we would argue the response is potentially overdone.”
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 recommended Steel Dynamics. 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.
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