Here’s what’s happening 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 positive note. The benchmark index finished the day 0.2% higher at 7,504.5 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 is expected to push higher again on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day 17 points or 0.2% higher this morning. This follows a largely positive start to the week on Wall Street, which saw the Dow Jones fall 0.15%, but the S&P 500 climb 0.45% and the Nasdaq storm 0.9% higher.
The Pointsbet Holdings Ltd (ASX: PBH) share price will be on watch when it releases its full year results this morning. While the sports betting company has already released most of its headline numbers with its fourth quarter update, today’s release will reveal how large a loss it made in FY 2021, among other things. PointsBet is also likely to provide a trading update for the first two months of the new financial year.
Oil prices rise again
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could have a decent day after oil prices rose again. According to Bloomberg, the WTI crude oil price is up 0.45% to US$69.04 a barrel and the Brent crude oil price has risen 0.8% to US$73.26 a barrel. Disruption to production by Hurricane Ida has supported prices this week.
Gold price falls
It could be a difficult day for gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) after the gold price edged lower. According to CNBC, the spot gold price is down 0.35% to US$1,813.2 an ounce. A strengthening US dollar put pressure on the gold price.
The IGO Ltd (ASX: IGO) 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 battery materials miner to report revenue of $913 million and underlying EBITDA of $475 million. The latter will be a modest 3.2% increase year on year.
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Woodside (ASX:WPL) share price struggles despite rise in oil price
The materials sector is leading ASX 200 shares today
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 shares of and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.