5 things to watch on the ASX 200 on Tuesday

JB Hi-Fi Limited (ASX:JBH) and National Australia Bank Ltd (ASX:NAB) shares will be on watch on the ASX 200 on Tuesday…

Investor sitting in front of multiple screens watching share prices

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

On Monday the S&P/ASX 200 Index (ASX: XJO) started the week on a very disappointing note. The benchmark index sank 0.8% to 6,663 points.

Will the market be able to bounce back from this on Tuesday? Here are five things to watch:

ASX 200 expected to rebound.

The Australian share market looks set to bounce back from yesterday's decline. According to the latest SPI futures, the ASX 200 is poised to open 34 points or 0.5% this morning. This follows a largely positive night of trade in Europe on Monday. US markets were closed for Martin Luther King Jr. Day.

NAB rated conviction buy.

Goldman Sachs has been running the rule over the banking sector. It appears much more positive on the banks and particularly National Australia Bank Ltd (ASX: NAB). The broker has put a conviction buy rating on NAB's shares and increased the price target on them to $24.72. It has, however, downgraded Bendigo and Adelaide Bank Ltd (ASX: BEN) shares to a sell rating with a $9.24 price target.

Oil prices slide.

Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) will be on watch after oil prices softened further. According to Bloomberg, the WTI crude oil price is down 0.5% to US$52.09 a barrel and the Brent crude oil price has fallen 0.65% to US$54.74 a barrel. Concerns over rising COVID cases has been weighing on oil prices.

Gold price rises.

It could be a better day for gold miners such as Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) on Tuesday after the gold price recovered slightly. According to CNBC, the spot gold price is up 0.4% to US$1,836.80 an ounce. Investors have been buying gold after COVID cases surged globally.

JB Hi-Fi given neutral rating.

The JB Hi-Fi Limited (ASX: JBH) share price could be fully valued now according to analysts at Goldman Sachs. This morning the broker retained its neutral rating and lifted its price target on the retailer's shares to $51.60. Although its performance in FY 2021 is well ahead of the broker's forecasts, Goldman expects its earnings to normalise over the next couple of years.

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. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

Broker Notes

Brokers name 3 ASX shares to buy now

Here's why brokers are feeling bullish about these three shares this week.

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Burgundy Diamond Mines, Clarity Pharmaceuticals, EML, and Zip are sinking today

These ASX shares are ending the week in the red. But why?

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

a young boy dressed up in a business suit and tie has a cute grin and holds two fingers up.
Opinions

2 of my top ASX 200 shares to consider buying before April

I would happily exchange dollars for these two shares right now.

Read more »

Father in the ocean with his daughters, symbolising passive income.
Dividend Investing

I'd spend $8k on these ASX 200 shares today to target a $6,102 annual passive income

I believe these ASX 200 shares will continue rewarding passive income investors for years to come.

Read more »

Three businesspeople leap high with the CBD in the background.
Share Market News

Boom! ASX 200 blasts to new record highs

ASX 200 investors just sent the benchmark index into uncharted territory.

Read more »