On Monday the S&P/ASX 200 Index (ASX: XJO) started the week on a very positive note. The benchmark index stormed almost 1.8% higher to 6,110.2 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to edge higher.
The ASX 200 is poised to edge higher on Tuesday after a positive night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is set to open the day 1 point higher. Over in the United States, the Dow Jones jumped 1.3%, the S&P 500 rose 0.3%, and the Nasdaq index fell 0.4%.
A2 Milk Company names new CEO.
The A2 Milk Company Ltd (ASX: A2M) share price will be on watch today after naming its new managing director and chief executive officer. The infant formula and fresh milk company has appointed David Bortolussi. He will succeed interim CEO Geoffrey Babidge early in the 2021 calendar year. Mr Bortolussi was previously the Group President – International Innerwear, at HanesBrands.
The Challenger Ltd (ASX: CGF) share price could be on the move today when it releases its full year results. The annuities company has provided guidance for normalised net profit before tax at the bottom end of the range of $500 million and $550 million in FY 2020. This compares to $548 million in FY 2019. All eyes will be on its guidance for FY 2021.
Oil prices rebound.
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could be on the rise today after oil prices rebounded. According to Bloomberg, the WTI crude oil price is up 2% to US$41.96 a barrel and the Brent crude oil price has risen 1.2% to US$44.94 a barrel. Strong Chinese factory data and U.S. stimulus hopes supported oil prices.
Gold price higher.
Gold miners including Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) will be on watch today after the gold price pushed higher. According to CNBC, the spot gold price has risen 0.4% to US$2,036.4 an ounce amid hopes of major U.S. stimulus.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Challenger Limited. The Motley Fool Australia owns shares of A2 Milk. 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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