On Monday the S&P/ASX 200 index started the week on a disappointing note. The benchmark index finished the day 1.1% lower at 6,126.2 points.
Will the market be able to bounce back on Tuesday? Here are five things to watch:
ASX futures edge higher.
According to the latest SPI futures, the ASX 200 is expected to open the day ever so slightly higher on Tuesday. The latest futures contracts are pointing to a 6-point or 0.1% gain at the open. This follows a subdued night of trade on Wall Street which late in the session sees the Dow Jones flat, and the S&P 500 and the Nasdaq down 0.1%.
Oil prices mixed.
Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) shares will be on watch on Tuesday after a mixed night of trade for oil prices. According to Bloomberg, the WTI crude oil price has fallen 0.2% to US$58.93 a barrel and the Brent crude oil price has rebounded 0.3% higher to US$67.26 a barrel. U.S. oil (WTI) prices tumbled lower amid economic slowdown fears.
BINGO added to conviction buy list.
The BINGO Industries Ltd (ASX: BIN) share price could be on the move today after Goldman Sachs added the waste management company to its conviction buy list with a $2.40 price target. Goldman believes the completion of the acquisition of Dial a Dump Industries could be a game changer for the company. This is partly due to the acquisition providing BINGO with more exposure to higher value landfill and waste processing assets and less exposure to residential construction and collections.
Gold price pushes higher.
The Newcrest Mining Limited (ASX: NCM) share price hit a 52-week high on Monday and could build on this on Tuesday after gold prices pushed higher overnight. According to CNBC, the spot gold price rose 0.7% to a three-week high of US$1,321.1 an ounce after global growth worries led to an increase in demand for risk off assets.
Dividends being paid.
A number of popular shares are scheduled to pay their latest dividends today. This includes mining giant BHP Group Ltd (ASX: BHP), annuities company Challenger Ltd (ASX: CGF), hospital operator Healthscope Ltd (ASX: HSO), and copper producer OZ Minerals Limited (ASX: OZL).
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Challenger Limited. 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.