5 things to watch on the ASX 200 on Tuesday

Here's what to expect on the ASX 200 on Tuesday…

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On Monday, the S&P/ASX 200 Index (ASX: XJO) was back on form and finished the month on a positive note. The benchmark index rose 0.7% to 7,049.1 points.

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

A male ASX 200 broker wearing a blue shirt and black tie holds one hand to his chin with the other arm crossed across his body as he watches stock prices on a digital screen while deep in thought

Image Source: Getty Images

ASX 200 futures pointing slightly higher

The Australian share market is expected to open the day slightly higher this morning despite a poor start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 5 points higher. In late trade in the United States, the Dow Jones is down 1.7%, the S&P 500 has fallen 1.5%, and the Nasdaq is down 1%.

Zip shares could return

The Zip Co Ltd (ASX: Z1P) share price could return from its trading halt on Tuesday. The buy now pay later (BNPL) provider requested a halt on Monday so it could undertake a ~$200 million capital raising. However, that was not the biggest news, which was its agreement to acquire Sezzle Inc (ASX: SZL) for $491 million.

Oil prices jump on supply concerns

Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could have a great day after oil prices jumped. According to Bloomberg, the WTI crude oil price is up 5.1% to US$96.32 a barrel and the Brent crude oil price has risen 3.1% to US$100.96 a barrel. Oil prices jumped amid fears that Russia's energy industry could be disrupted.

Gold price rises

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good day after the gold price pushed higher. According to CNBC, the spot gold price is up 0.75% to US$1,901.70 an ounce. Sanctions placed on Russia are spooking markets and lifting demand for safe haven assets.

Allkem rated as a buy

The Allkem Ltd (ASX: AKE) share price could be great value according to the team at Bell Potter. In response to its half year results, this morning the broker retained its buy rating and lifted its price target on the lithium miner's shares to $18.05. This is almost double the current Allkem share price of $9.07.

Motley Fool contributor James Mickleboro owns Orocobre Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended ZIPCOLTD FPO. 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.

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