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.
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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. 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.