On Monday the S&P/ASX 200 index started the week with a small gain. The benchmark index climbed 6 points to hit 6,590.3 points.
Will the Australian share market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to sink lower.
The S&P/ASX 200 index looks set to sink lower on Tuesday after global growth concerns weighed on U.S. markets. According to the latest SPI futures, the ASX 200 index is poised to open the day 53 points or 0.8% lower this morning. On Wall Street the Dow Jones dropped 1.5%, the S&P 500 index fell 1.2%, and the Nasdaq sank 1.2%.
The Challenger Ltd (ASX: CGF) share price will be on watch this morning when the embattled annuities company releases its full year results. As the company only recently confirmed its expectations for the full year, all eyes will be on its guidance for FY 2020.
Oil prices edge higher.
Oil Search Limited (ASX: OSH), Santos Ltd (ASX: STO), and the rest of Australia’s leading energy producers could be on the move today after oil prices edged higher. According to Bloomberg, the WTI crude oil price rose 0.7% to US$54.86 a barrel and the Brent crude oil price increased slightly to US$58.55 a barrel.
Gold price races higher.
Newcrest Mining Limited (ASX: NCM) and St Barbara Ltd (ASX: SBM) could charge higher today after the gold price raced higher overnight. According to CNBC, the spot gold price rose over 1% to US$1,522.50 an ounce after U.S. markets sank lower amid global growth concerns.
The Magellan Financial Group Ltd (ASX: MFG) share price has been one of the best performers on the ASX 200 index this year. Since the start of the year the fund manager’s shares have gained 154%. This means expectations are high for the full year result that it releases this morning. According to CommSec, the analyst consensus is for a net profit after tax of $338.7 million and a $1.071 per share dividend.
5 stocks under $5
We hear it over and over from investors, "I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" And it's true.
And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!
*Extreme Opportunities returns as of June 5th 2020
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.