The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) started the new financial year with a day in the red on Monday. It gave back its early gains to finish the day down 0.3% to 6,177.8 points.
Will the market be able to bounce back on Tuesday? Here are five things that could shape today’s trade:
ASX expected to open the day higher.
According to the latest SPI futures, the local market is expected to open the day higher by 0.3% or 21 points on Tuesday. This follows a positive night of trade on Wall Street which saw U.S. markets rebound from early declines to push notably higher. The Dow Jones Industrial Average rose 0.15%, the S&P 500 climbed 0.3%, and the NASDAQ pushed almost 0.8% higher.
Reserve Bank of Australia meets today.
The Reserve Bank of Australia will meet at 14:30 AEST today to discuss the cash rate. I don’t think there is a single economist in the country that expects the central bank to make a move on rates. In fact, the consensus appears to be for rates to remain on hold at the record low of 1.5% until at least the end of 2019.
Toll road operator Atlas Arteria announces fees.
The shares of Atlas Arteria Group (ASX: ALX), formerly known as Macquarie Atlas Roads, will be on watch on Tuesday after providing its final performance fee. According to the release, a final performance fee was earned by Atlas Arteria’s manager, Macquarie Fund Advisers, for the 12 months ended 30 June 2018. During this period, the company outperformed the S&P/ASX 300 Industrials Accumulation Index by 10.8%, resulting in a 2018 performance fee of $54.7 million. The 2018 performance fee will be payable in one instalment.
Oil prices give back gains.
Oil prices have taken a tumble overnight after data revealed a surprise rise in output from Saudi Arabia and Russia. According to Bloomberg, the WTI crude oil price has fallen 0.1% to US$74.06 a barrel and the Brent crude oil price is down 2.3% to US$77.39 a barrel. This could put pressure on the shares of Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL).
Amaysim shares tipped as a buy.
According to a note out of Goldman Sachs, its analysts have retained their buy rating and placed a $1.30 price target on Amaysim Australia Ltd (ASX: AYS) shares. Despite the company suffering a slowdown in subscriber growth, the broker sees a lot of value in its shares at the current level.
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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.