On Monday, the S&P/ASX 200 Index (ASX: XJO) overcame a tough start to record a small gain. The benchmark index rose 0.15% to 7,233.6 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 futures pointing lower
The Australian share market is expected to open the day sharply lower this morning following a poor start to the week in Europe. According to the latest SPI futures, the ASX 200 is poised to open the day 74 points or 1% lower. In Europe, the DAX dropped 3%, the CAC fell 2%, and the FTSE lost 0.4%. Wall Street was closed on Monday for the President's Day holiday.
Coles half year results
The Coles Group Ltd (ASX: COL) share price will be in focus on Tuesday when the supermarket giant releases its half year results. According to a note out of Morgans, it is forecasting a 3% reduction in earnings before interest and tax (EBIT) to $988 million. It commented: "While increased at-home consumption due to lockdowns in NSW, VIC and ACT in 1Q22 were positive for sales, higher COVID costs could have a negative impact on margins."
Oil prices rise again
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could have a great day after oil prices charged higher. According to Bloomberg, the WTI crude oil price is up 3% to US$93.86 a barrel and the Brent crude oil price has risen 3.1% to US$96.44 a barrel. Russia-Ukraine tensions continue to support oil prices.
Gold price rises
The Russia-Ukraine tensions are also supporting the gold price, which could bode well for gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) on Tuesday. According to CNBC, at the time of writing, the spot gold price is up 0.4% to US$1,907.90 an ounce.
Nanosonics half year results
The Nanosonics Ltd (ASX: NAN) share price will be on watch today when the infection prevention company releases its half year results. According to a note out of Morgans, its analysts are forecasting revenue of $63.2 million and EBITDA of $11.3 million. The latter is ahead of the market consensus estimate of $10.3 million.
