On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with the smallest of gains. The benchmark index rose ever so slightly to 7,148.9 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 again on Tuesday following a strong start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 14 points or 0.2% higher. On Wall Street, the Dow Jones rose 2%, the S&P 500 climbed 1.85%, and the Nasdaq rose 1.6%.
Tabcorp demerger
The Tabcorp Holdings Limited (ASX: TAH) share price is likely to fall heavily on Tuesday. This is being driven by the demerger of its lottery and Keno businesses into a separate listed entity – The Lottery Corporation Limited (ASX: TLC). Tabcorp will be left with its wager and media and gaming services businesses. The Lottery Corporation generated 55% or $611 million of Tabcorp's EBITDA in FY 2021.
Oil prices push higher
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a decent day after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 0.35% to US$110.67 a barrel and the Brent crude oil price has risen 0.9% to US$113.59 a barrel. Oil prices rose amid a strong demand outlook.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a good day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.5% to US$1,851.7 an ounce. The precious metal was boosted by a softening US dollar.
Technology One half-year results
The TechnologyOne Ltd (ASX: TNE) share price will be on watch on Tuesday when the enterprise software company releases its half-year results. According to a note out of Goldman Sachs, its analysts are expecting a strong result. Goldman expects Technology One to report "ARR A$272mn (+17% vs pcp), revenue A$166mn (+15% vs pcp) and EBITDA A$65mn (+31% vs pcp)."
