5 things to watch on the ASX 200 on Tuesday

On Monday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) had a stunning start to the week. The benchmark index finished the day over 1.8% higher at 5,771.2 points.

Will the ASX 200 be able to build on this on Tuesday? Here are five things to watch:

ASX futures pointing lower.

According to the latest SPI futures, the ASX 200 is expected to open the day 0.3% or 18 points lower on Tuesday. This is despite a positive night of trade on Wall Street which sees the Dow Jones up 1%, the S&P 500 0.9% higher, and the Nasdaq up 1.15% in late trade.

Oil prices storm higher.

Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) shares were amongst the best performers on the market on Monday thanks to a recovery in oil prices. This good form could continue again today after a strong night of trade for oil prices. According to Bloomberg, the WTI crude oil price climbed 4.2% to US$53.06 a barrel and the Brent crude oil price rose 4.1% to US$61.88 a barrel.

Aristocrat Leisure goes ex-dividend.

The Aristocrat Leisure Limited (ASX: ALL) share price is likely to trade a touch lower on Tuesday. This morning its shares will trade ex-dividend for its 27 cents per share fully franked final dividend. Eligible shareholders will receive this dividend in their nominated accounts on December 19.

Metcash rated as a buy.

The Metcash Limited (ASX: MTS) share price fell heavily on Monday after the wholesale distributor’s half year result fell short of expectations. One broker that is sticking with the company is Goldman Sachs. A note out of the investment bank this morning reveals that it has Metcash on its conviction buy list with a $3.30 price target. Goldman continues to see opportunity for the company to demonstrate a resilient earnings outlook while returning capital to shareholders.

BHP and Rio Tinto on watch.

BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) will be on watch on Tuesday after their U.S. and U.K. listed shares rocketed higher. In late trade the BHP share price is up 5% on Wall Street and in the U.K. the Rio Tinto share price closed 4% higher after base metal prices charged higher.

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.

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