5 things to watch on the ASX 200 on Tuesday

On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a positive fashion. The benchmark index rose 0.6% to 6,933.7 points.

Will the market be able to build on this on Tuesday? Here are five things to watch:

ASX 200 expected to rise

The Australian share market looks set to rise again on Tuesday. This follows a good start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 29 points or 0.4% higher. In late trade in the United States, the Dow Jones is up 1.35%, the S&P 500 is up 0.95%, and the NASDAQ has risen 0.9%.

Westpac rated as a buy

The Westpac Banking Corp (ASX: WBC) share price remains great value following the bank’s results. That’s the view of analysts at Goldman Sachs, which have reiterated their conviction buy rating with an improved price target of $27.60. The broker commented: “While on the surface, the FY22 result suggested WBC’s NIM leverage was underwhelming relative to some peers, we think 2H22 was adversely impacted by late-in-the-half liquidity build.”

Oil prices fall

Energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a subdued day after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 0.9% to US$91.78 a barrel and the Brent crude oil price has fallen 0.75% to US$97.85 a barrel. Chinese demand fears appeared to weigh on prices.

New Hope dividend being paid

Today is payday for New Hope Corporation Limited (ASX: NHC) shareholders. This morning the coal miner is paying its shareholders a 56 cents per share dividend. Based on the latest New Hope share price of $6.45, this final dividend of FY 2022 equates to a whopping 8.6% fully franked dividend yield.

Gold price rises

Gold miners such as Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price traded slightly higher overnight. According to CNBC, the spot gold price is up 0.2% to US$1,679.6 an ounce. A softer US dollar has led to the gold price trading close to a three-week high.

The post 5 things to watch on the ASX 200 on Tuesday appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today 
• Here are the 3 most heavily traded ASX 200 shares on Monday
• Are ASX 200 bank shares a no-brainer buy in an inflationary environment?
• Why is the De Grey Mining share price leaping 7% today?
• Why ANZ, Coronado Global, Eclipx, and Westpac shares are dropping

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. 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 Westpac Banking Corporation. 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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