On Monday the S&P/ASX 200 Index (ASX: XJO) started the week deep in the red. The benchmark index fell a disappointing 1.5% to 5,815 points.
Will the market be able to bounce back on Tuesday? Here are five things to watch
ASX 200 set to rebound.
The ASX 200 looks set to rebound strongly on Tuesday. According to the latest SPI futures, the benchmark index is expected to open the day 73 points or 1.25% higher. This follows a positive start to the week on Wall Street, which saw the Dow Jones jump 2.3%, the S&P 500 climb 1.5%, and the Nasdaq index rise 1.2%.
Oil prices recover.
Energy producers including Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could be on the rise today after oil prices recovered. According to Bloomberg, the WTI crude oil price is up 3% to US$39.65 a barrel and the Brent crude oil price is up 1.7% to US$41.70 a barrel. Improving economic data gave oil prices a lift.
Gold price rises.
Gold miners such as Evolution Mining Ltd (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) will be on watch on Tuesday after the gold price edged higher. According to CNBC, the spot gold price rose 0.2% to US$1,783.70 an ounce. The precious metal is nearing a multi-year high amid concerns over rising numbers of coronavirus cases.
TPG Telecom-Vodafone hits ASX board.
TPG Telecom Ltd (ASX: TPM) and Hutchison Telecommunications (Aus) Ltd (ASX: HTA) shares were suspended and delisted after the market close on Monday. The merged entity will list on the ASX boards at 11:30am this morning under the name and ticker – TPG Telecom Limited (ASX: TPG). Its shares will initially trade on a deferred settlement basis. TPG’s spin-off, Tuas Limited (XASX: TUA), will also commence trade later this morning.
Fisher & Paykel Healthcare named as a buy.
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price could be going higher from here according to one leading broker. Following the release of its strong full year result on Monday, Goldman Sachs has retained its buy rating and lifted its price target by 22% to $33.90. It has also suggested that its FY 2021 guidance is conservative.
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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.
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