On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a day in the red. The benchmark index fell 0.65% to 6,433.4 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
ASX 200 expected to rebound
The Australian share market looks set for a better day on Tuesday following a strong start to the week in Europe. According to the latest SPI futures, the ASX 200 is poised to open the day 48 points or 0.75% higher. Wall Street was closed for the Juneteenth public holiday, but the DAX rose 1.05% and London’s FTSE climbed 1.5%.
Altium rated as a buy
The Altium Limited (ASX: ALU) share price could be good value according to analysts at Bell Potter. This morning the broker retained its buy rating but trimmed its price target down to $34.00. Bell Potter has suggested that Altium would know by now if it were going to miss its guidance for the full year. Therefore, its analysts believe that “no new is good news” for investors.
Oil prices push higher
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a decent day after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 0.65% to US$110.27 a barrel and the Brent crude oil price has risen 1% to US$114.21 a barrel. Traders were buying oil again after a sharp decline over recent sessions amid demand concerns.
Gold price flat
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a subdued day after the gold price traded broadly flat overnight. According to CNBC, the spot gold price is up 0.05% to US$1,840.7 an ounce. A strong US dollar is weighing on the safe haven asset.
Premier Investments goes ex-dividend
The Premier Investments Limited (ASX: PMV) share price could trade lower on Tuesday. This is because the retail conglomerate’s shares are due to trade ex-dividend for its upcoming interim dividend. Shareholders can now look forward to receiving the Smiggle owner’s 46 cents per share fully franked dividend on 27 July.
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