On Monday the S&P/ASX 200 Index (ASX: XJO) started the week with a small gain. The benchmark index rose 0.2% to 7,045.9 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market looks set to push higher on Tuesday following a solid start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 18 points or 0.25% higher this morning. On Wall Street, the Dow Jones rose 0.55%, the S&P 500 jumped 1%, and the Nasdaq stormed 1.4% higher.
Oil prices jump again
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could be on the rise today after oil prices jumped. According to Bloomberg, the WTI crude oil price is up 3.75% to US$65.96 a barrel and the Brent crude oil price has risen 3% to US$68.45 a barrel. Oil prices climbed amid speculation that sanctions on Iran may not be lifted.
The TechnologyOne Ltd (ASX: TNE) share price will be one to watch on Tuesday when it releases its half year results. All eyes will be on the performance of its key Global SaaS ERP solution, which has been the main driver of growth in recent years. Management has advised that it expects strong growth in SaaS ARR and profit and to double in size over the next five years. However, it has warned that it expects the first half of 2021 will not be indicative of the full year results.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a solid day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.4% to US$1,883 an ounce. Weakness in the US dollar and bond yields drove the gold price higher.
Iron ore price sinks again
It could be another difficult day for iron ore producers BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO) after the iron ore price continued to sink. According to Metal Bulletin, the spot iron ore price is down a further 4.1% to US$192.42 a tonne.