What’s happening on the market on Tuesday?
The post 5 things to watch on the ASX 200 on Tuesday appeared first on The Motley Fool Australia. –
On Monday the S&P/ASX 200 Index (ASX: XJO) started the week on a subdued note. The benchmark index fell 0.2% to 7,281.9 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
ASX 200 futures flat
The Australian share market looks set to have another subdued day on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day flat. This follows a mixed start to the week on Wall Street, which saw the Dow Jones fall 0.35%, the S&P 500 drop 0.1%, and the Nasdaq push 0.5% higher.
Oil prices drop
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could come under pressure after oil prices dropped lower. According to Bloomberg, the WTI crude oil price is down 0.55% to US$69.23 a barrel and the Brent crude oil price has fallen 0.55% to US$71.49 a barrel. Oil prices came under pressure after Chinese data revealed weak import volumes during May.
Carsales completes retail entitlement offer
The Carsales.Com Ltd (ASX: CAR) share price will be on watch after announcing the completion of its retail entitlement offer. The auto listings company has raised gross proceeds of approximately $172 million as part of a wider $600 million fully underwritten pro-rata accelerated renounceable entitlement offer. These funds will be used to acquire a 49% interest in US-based Trader Interactive.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a positive day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.55% to US$1,902.60 an ounce. A softening US dollar gave the precious metal a boost.
NAB rated as a buy
The National Australia Bank Ltd (ASX: NAB) share price remains in the buy zone according to analysts at Goldman Sachs. It has retained its buy rating and $29.97 price target on the bank’s shares. This follows news that AUSTRAC is investigating the bank for “potential serious and ongoing non-compliance” with customer identification procedures and ongoing customer due diligence. Goldman notes that this was previously disclosed in the bank’s contingent liabilities disclosure.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of May 24th 2021
Westpac (ASX:WBC) gives its employees paid time off to get COVID jabs
2 highly rated ASX dividend shares with attractive yields
James Mickleboro does not own any shares 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 carsales.com Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.