On Monday, the S&P/ASX 200 Index (ASX: XJO) overcame a tough start to record a small gain. The benchmark index rose 0.15% to 7,233.6 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 futures pointing lower
The Australian share market is expected to open the day sharply lower this morning following a poor start to the week in Europe. According to the latest SPI futures, the ASX 200 is poised to open the day 74 points or 1% lower. In Europe, the DAX dropped 3%, the CAC fell 2%, and the FTSE lost 0.4%. Wall Street was closed on Monday for the President’s Day holiday.
Coles half year results
The Coles Group Ltd (ASX: COL) share price will be in focus on Tuesday when the supermarket giant releases its half year results. According to a note out of Morgans, it is forecasting a 3% reduction in earnings before interest and tax (EBIT) to $988 million. It commented: “While increased at-home consumption due to lockdowns in NSW, VIC and ACT in 1Q22 were positive for sales, higher COVID costs could have a negative impact on margins.”
Oil prices rise again
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could have a great day after oil prices charged higher. According to Bloomberg, the WTI crude oil price is up 3% to US$93.86 a barrel and the Brent crude oil price has risen 3.1% to US$96.44 a barrel. Russia-Ukraine tensions continue to support oil prices.
Gold price rises
The Russia-Ukraine tensions are also supporting the gold price, which could bode well for gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) on Tuesday. According to CNBC, at the time of writing, the spot gold price is up 0.4% to US$1,907.90 an ounce.
Nanosonics half year results
The Nanosonics Ltd (ASX: NAN) share price will be on watch today when the infection prevention company releases its half year results. According to a note out of Morgans, its analysts are forecasting revenue of $63.2 million and EBITDA of $11.3 million. The latter is ahead of the market consensus estimate of $10.3 million.
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. owns and has recommended Nanosonics Limited. The Motley Fool Australia owns and has recommended COLESGROUP DEF SET and Nanosonics Limited. 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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