On Monday the S&P/ASX 200 index started the week on a very positive note. The benchmark index pushed an impressive 1.6% higher to 6,849.7 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 again.
The S&P/ASX 200 index looks set to continue its positive run on Tuesday. According to the latest SPI futures, the ASX 200 is poised to rise 0.3% or 21 points at the open. This follows a strong start to the week on Wall Street. In late trade the Dow Jones is up 0.5%, the S&P 500 is 0.8% higher, and the Nasdaq index has jumped 1%.
ANZ Bank AGM.
The Australia and New Zealand Banking Group (ASX: ANZ) share price will be on watch today when it holds its annual general meeting. The banking giant looks set to avoid a second strike to its remuneration report at this meeting. According to the SMH, major proxy advisory firms ISS and CGI Lewis have advised investors to vote in favour of its remuneration reports. Much to the relief of the ANZ board.
Tech shares on watch.
It could be another solid day of trade for Australia’s leading tech shares such as Appen Ltd (ASX: APX) and Nearmap Ltd (ASX: NEA). On Wall Street the technology-focused Nasdaq index is up a sizeable 1% in late trade in response to the weekend’s trade deal news.
Oil prices push higher.
Energy shares Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could be on the rise on Tuesday after oil prices pushed higher. According to Bloomberg, the WTI crude oil price rose 0.3% to US$60.25 a barrel and the Brent crude oil price climbed 0.2% higher to US$65.37 a barrel. This leaves oil prices trading close to their three-month highs.
Gold price lower.
Gold miners such as Newcrest Mining Limited (ASX: NCM) and Saracen Minerals Holdings Limited (ASX: SAR) could slide lower on Tuesday after the spot gold price pulled back. According to CNBC, the spot gold price fell slightly to US$1,480.6 an ounce due to lingering trade deal uncertainties.
These 3 stocks could be the next big movers in 2020
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.
*Returns as of 6/8/2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia owns shares of Appen Ltd. 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.
- 3 small cap ASX shares to put on your watchlist right now – September 28, 2020 3:00pm
- Why Corp Travel Management (ASX:CTD) and Starpharma (ASX:SPL) shares are in trading halts – September 28, 2020 2:06pm
- Piedmont Lithium (ASX:PLL) share price rockets 83% higher on Tesla deal – September 28, 2020 1:35pm