On Monday the S&P/ASX 200 index started the week in a very positive fashion. The benchmark index raced 0.7% higher to 6,563.6 points.
Will the local share market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to rise.
It looks set to be a positive day of trade for the S&P/ASX 200 index despite declines on Wall Street overnight. According to the latest SPI futures, the ASX 200 is poised to rise 24 points or 0.4% at the open. On Wall Street the Dow Jones fell 0.35%, the S&P 500 dropped 0.45%, and the Nasdaq tumbled 0.35%. Traders were selling shares after becoming doubtful over US-China trade talks.
Oil prices edge higher.
Beach Energy Ltd (ASX: BPT), Woodside Petroleum Limited (ASX: WPL), and the rest of Australia’s energy producers will be on watch today after oil prices edged higher. According to Bloomberg, the WTI crude oil price rose 0.2% to US$52.91 a barrel and the Brent crude oil price climbed almost 0.2% to US$58.47 a barrel.
Gold price sinks lower.
It looks set to be a disappointing day of trade for gold miners such as Newcrest Mining Limited (ASX: NCM) and St Barbara Ltd (ASX: SBM) after the spot gold price tumbled lower. According to CNBC, the spot gold price sank almost 1% to US$1,498.3 an ounce.
Qube rated as a buy.
The Qube Holdings Ltd (ASX: QUB) share price will be on watch today after it was the subject of a positive note out of Goldman Sachs. According to the note, the broker has retained its buy rating and $3.57 price target on the import and export logistics services provider’s shares. The broker said: “We expect FY20 to be a solid year for Qube led by: (i) the resurgence of Patrick; (ii) commissioning (and de-risking) of Moorebank in 1H FY20; supported by (iii) a recovery in Logistics.”
The Ausdrill Limited (ASX: ASL) share price is trading ex-dividend this morning and is likely to drop lower at the open. Its shareholders can look forward to being paid its 3.5 cents per share dividend on October 23. Elsewhere, the shareholders of packaging company Amcor PLC (ASX: AMC) and NZ telco company Chorus Ltd (ASX: CNU) will be paid their respective dividends later today.
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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.