On Monday the S&P/ASX 200 index started the week on a very positive note. The benchmark index stormed 0.7% higher to 6,772.5 points.
Will the local share market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to edge higher.
It looks set to be another day of gains for the S&P/ASX 200 index. According to the latest SPI futures, the ASX 200 is expected to open 6 points or 0.1% higher this morning. This is despite a disappointing start to the week on Wall Street. In late trade the Dow Jones is trading flat, the S&P 500 is down 0.2%, and the Nasdaq is 0.1% lower.
Oil prices slide.
Energy shares including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could come under pressure today after oil prices pulled back. According to Bloomberg, the WTI crude oil price fell 0.4% to US$57.00 a barrel and the Brent crude oil price dropped 0.2% to US$62.37 a barrel.
Gold price sinks again.
It looks set to be another tough day of trade for gold miners such as Newcrest Mining Limited (ASX: NCM) and Resolute Mining Limited (ASX: RSG). Overnight the gold price has continued to weaken due to softening demand for safe haven assets. According to CNBC, the spot gold price fell a further 0.35% to US$1,457.90 an ounce.
Shares going ex-dividend.
Another group of shares will trade ex-dividend this morning and are likely to drop lower. This includes chemicals company Orica Ltd (ASX: ORI) and banking giant Westpac Banking Corp (ASX: WBC). Shareholders of Australia's oldest bank can look forward to receiving its 80 cents per share fully franked dividend on December 20.
Incitec Pivot result.
The Incitec Pivot Ltd (ASX: IPL) share price will be on watch this morning when it releases its full year results. According to a note out of Goldman Sachs, its analysts are expecting Incitec Pivot to report full year EBITDA of $640 million and a net profit after tax of $164 million.
