On Monday the S&P/ASX 200 index started the week on a subdued note. The benchmark index finished the day 0.15% lower at 6,691.2 points.
Will the market be able to bounce back on Tuesday? Here are five things to watch:
ASX expected to rise.
It looks set to be a positive day of trade for the Australian share market. According to the latest SPI futures, the ASX 200 index is poised to open the day 11 points or 0.2% higher this morning. This follows a solid start to the week on Wall Street which saw the Dow Jones rise 0.1%, the S&P 500 climb 0.3%, and the Nasdaq jump 0.7%.
Oil prices storm higher.
It could be a good day for Australian energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices stormed higher overnight due to rising tensions in the Middle East. According to Bloomberg, the WTI crude oil price rose 1.1% to US$56.22 a barrel and the Brent crude oil price climbed 1.45% to US$63.37 a barrel.
Qube acquisition update.
The Qube Holdings Ltd (ASX: QUB) share price could be on the rise on Tuesday after the integrated provider of import and export logistics services’ acquisition of Chalmers Limited (ASX: CHR) took another step forward. Chalmers has dispatched its target statement to shareholders, advising them that its directors unanimously recommend that shareholders accept Qube’s offer in the absence of a superior proposal.
Gold price lower.
Northern Star Resources Ltd (ASX: NST), Resolute Mining Limited (ASX: RSG), and the rest of Australia’s gold miners could come under pressure on Tuesday after the gold price dropped lower. According to CNBC, the spot gold price fell 0.1% to US$1,425.20 an ounce.
Saracen rated as neutral.
Analysts at Goldman Sachs have held firm with their neutral rating on Saracen Mineral Holdings Limited (ASX: SAR) shares following the release of its latest quarterly update. Production in the fourth quarter fell a touch short of the broker’s expectations. Goldman prefers St Barbara Ltd (ASX: SBM).
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019