Another busy day is expected on the ASX 200 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 much-needed positive note after a poor run. The benchmark index finished the day 0.4% higher at 7,489.9 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to edge higher
The Australian share market is expected to rise slightly on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day 4 points higher this morning. This follows a very positive start to the week on Wall Street, which saw the Dow Jones rise 0.6%, the S&P 500 climb 0.85%, but the Nasdaq storm 1.6% higher.
The Kogan.com Ltd (ASX: KGN) share price will be on watch this morning when it releases its full year results. While the ecommerce company has pre-released some of its numbers, there’s still a lot to look out for. This includes its profit for the year, an update on its inventory issues, and a trading update for the first seven weeks of FY 2022. The latter is expected to have been boosted by lockdowns.
Oil prices jump
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could have a strong day after oil prices jumped. According to Bloomberg, the WTI crude oil price is up 5.3% to US$65.42 a barrel and the Brent crude oil price has jumped 5.2% to US$68.54 a barrel. News of no new COVID cases in China and weakness in the US dollar gave oil prices a boost.
Gold price rises
It could be a good day for gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) after the gold price stormed higher. According to CNBC, the spot gold price is up 1.3% to US$1,807 an ounce. Traders were buying gold amid doubts that the US Fed will taper soon.
The SEEK Limited (ASX: SEK) share price will be one to watch today when it releases its full year results. According to a note out of Goldman Sachs, its analysts expect the job listings giant to report a 1% increase in revenue to $1,588 million and a 20% jump in EBITDA to $498 million. The latter compares to SEEK’s guidance of $480 million and the market consensus estimate of $487 million. Looking ahead, Goldman expects “FY22 Revenue/EBITDA of A$1,166/$460mn vs. consensus A$1,166/$472mn).”
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Motley Fool contributor James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Kogan.com ltd. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd. The Motley Fool Australia has recommended SEEK Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.