On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a subdued fashion. The benchmark index fell 0.2% to 7,278.5 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market looks set to rise today despite a poor night of trade in the US. According to the latest SPI futures, the ASX 200 is poised to open the day 78 points or 1.05% higher. In late trade on Wall Street, the Dow Jones is down 0.9%, the S&P 500 has fallen 0.4%, and the Nasdaq is down 0.9%. This follows comments by US Fed Chair, Jerome Powell, stating that inflation is too high.
Oil prices jump
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a great day after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 7.3% to US$112.32 a barrel and the Brent crude oil price has risen 7.7% to US$116.24 a barrel. This was driven by speculation that the EU will ban Russian oil.
TechnologyOne rated as a buy
The TechnologyOne Ltd (ASX: TNE) share price could be in the buy zone according to Bell Potter. This morning the broker retained its buy rating but trimmed its price target to $14.00. This implies potential upside of 26% for investors. Bell Potter believes that customer flips to the company’s software as a service solution are likely to be accelerating.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a better day after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.25% to US$1,934.50 an ounce. Demand for safe haven assets boosted the precious metal.
Shares going ex-dividend
A couple of ASX 200 shares are going ex-dividend this morning and could trade lower. This includes toll road operator Atlas Arteria Group (ASX: ALX) and health supplements company Blackmores Limited (ASX: BKL).
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 recommended Blackmores 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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