On Monday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) had a strong start to the week and rose 0.6% to 6,273 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX expected to open higher.
According to the latest SPI futures, the Australian share market is poised to open the day 3 points higher on Tuesday. This follows a positive night of trade on Wall Street which saw the Dow Jones rise 0.16%, the S&P 500 climb 0.35%, and the Nasdaq push 0.6% higher. The latter market was given a boost from a large gain by the Facebook share price.
Reserve Bank meeting.
Later today the Reserve Bank of Australia will meet to decide on the cash rate. The central bank is widely expected to keep rates on hold at the record low of 1.5% for yet another month, marking an incredible two years without change.
Amaysim tipped as takeover target.
The Amaysim Australia Ltd (ASX: AYS) share price could be set for a strong day after being tipped as a takeover target of telco giant and Optus owner Singtel. According to the AFR, Singtel is believed to be in the early stages of exploring a takeover.
Toll road giant Transurban Group (ASX: TCL) is due to release its results today and the market is expecting a net profit after tax of $456.1 million. Elsewhere honey producer Capilano Honey Ltd (ASX: CZZ), financial services company IOOF Holdings Limited (ASX: IFL), and education services provider Navitas Limited (ASX: NVT) are scheduled to release their respective results.
Eclipx downgrades profit growth guidance.
The Eclipx Group Ltd (ASX: ECX) share price will be on watch on Tuesday after the leading provider of fleet, equipment leasing and management, and online auction services downgraded its full-year profit growth guidance. Eclipx expects to report FY 2018 NPATA in the range of $77 million to $80 million, up 13% to 17% on FY 2017. Previous guidance was for growth of 27% to 30%. The underperformance of the Grays eCommerce business it acquired last year has been blamed for the poor result.
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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 recommends Facebook. The Motley Fool Australia owns shares of and has recommended Transurban Group. The Motley Fool Australia owns shares of Capilano Honey Limited. The Motley Fool Australia has recommended Facebook. 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.