On Monday the S&P/ASX 200 Index (ASX: XJO) started the week on a positive note. The benchmark index rose 0.35% to 6,561.6 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 poised to rise.
It looks set to be another positive day of trade for the Australian share market on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day 31 points or 0.5% higher this morning. This follows a good start to the week on Wall Street, which in late trade sees the Dow Jones up 0.9%, the S&P 500 up 0.35%, and the Nasdaq up 0.1%.
Technolgy One full year results.
The TechnologyOne Ltd (ASX: TNE) share price will be on watch today when it releases its full year results. The enterprise software company has provided full year guidance for net profit before tax growth of 8% to 12% in FY 2020. This is expected to be driven by strong growth in its software-as-a-service (SaaS) business. In the first half it reported a 33% increase in SaaS annual recurring revenue (ARR) to $110.2 million.
Oil prices push higher.
Energy producers such as Oil Search Ltd (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could be on the rise today after oil prices pushed higher. According to Bloomberg, the WTI crude oil price is up 1.2% to US$42.94 a barrel and the Brent crude oil price climbed 2.2% to US$45.95 a barrel. News that the AstraZeneca-Oxford University COVID vaccine is up to 90% effective gave prices a lift.
Gold price sinks on vaccine new.
Gold miners including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a tough day after the gold price sank lower. According to CNBC, the spot gold price sank 1.95% to US$1,836.10 an ounce. AstraZeneca's positive vaccine data weighed heavily on safe haven assets.
Nanosonics annual general meeting.
The Nanosonics Ltd (ASX: NAN) share price could be on the move today when it holds its annual general meeting. Although the infection prevention company only recently released a business update, it promised a more detailed one with the release of its AGM presentation. This could mean earnings guidance for the first half.
