On Monday the S&P/ASX 200 Index (ASX: XJO) started the week in fine form. The benchmark index jumped 0.9% to 6,868.9 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX futures pointing higher
The Australian share market looks set to climb again on Tuesday following a positive night of trade in Europe. According to the latest SPI futures, the ASX 200 is expected to open the day 24 points or 0.35% higher today. Wall Street was closed for President’s Day but Europe was open and saw the DAX rise 0.4% and the FTSE jump 2.5%.
NAB first quarter update
The National Australia Bank Ltd (ASX: NAB) share price will be one to watch this morning when it releases its first quarter update. All eyes will be on the banking giant’s bad debts and COVID loan deferrals. Elsewhere, mining giant BHP Group Ltd (ASX: BHP) is scheduled to release its half year results this morning.
Oil prices rise again
Energy producers Beach Energy Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could push higher today after oil prices gained again. According to Bloomberg, the WTI crude oil price is up 1.1% to US$60.12 a barrel and the Brent crude oil price is up 1.3% to US$63.23 a barrel. Oil prices pushed higher amid concerns that a winter storm could impact production.
Estia Health settles class action
The Estia Health Ltd (ASX: EHE) share price could be on the move today after announcing the settlement of its class action. This shareholder class action related to market disclosures made between August 2015 and October 2016. The settlement of the shareholder class action, which is without admission of liability, is subject to Federal Court approval. Estia will contribute $11.7 million to the settlement amount. The remainder of the total settlement amount of $37.75 million, inclusive of interest and costs, is fully insured.
Gold price softened
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could come under pressure today after the gold price softened again. According to CNBC, the spot gold price dropped 0.25% to US$1,818.90 an ounce. The gold price dropped amid rising US treasury yields.
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More reading
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- Up 2%: Is the BHP (ASX:BHP) share price a buy?
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- A turbulent tale of 2 ASX biotech shares: Polynovo (ASX:PNV) and Pro Medicus (ASX:PME)
Motley Fool contributor James Mickleboro 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 Bruce Jackson.
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