On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a decent gain. The benchmark index rose 0.6% to 7,151.3 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to rise again
The Australian share market looks set to rise again on Tuesday following a decent night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 15 points or 0.2% higher. In late trade in the United States, the Dow Jones is up 0.1%, the S&P 500 is up 0.65%, and the NASDAQ has jumped 1.6%.
Oil prices rise
Energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good day after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.3% to US$74.74 a barrel and the Brent crude oil price is up 1.3% to US$79.57 a barrel. Oil prices rose on demand optimism as China's borders reopen.
Lithium miners on watch
It could be a good day for lithium miners such as Allkem Ltd (ASX: AKE) and Pilbara Minerals Ltd (ASX: PLS) on Tuesday. This follows a strong night for US-listed lithium miners such as Albemarle, Livent, and SQM. Investors were buying higher risk shares after investor sentiment continued to improve.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a decent day after the gold price rose again overnight. According to CNBC, the spot gold price is up 0.4% to US$1,876.8 an ounce. The gold price hit an eight-month high on US Federal Reserve interest rate slowdown bets.
Premier Investments goes ex-div
The Premier Investments Limited (ASX: PMV) share price is likely to trade lower on Tuesday. This is because the retail conglomerate's shares are going ex-dividend for its upcoming dividend payment. The Peter Alexander and Smiggle owner declared a fully franked final and special dividend totalling 79 cents per share with its full year results. This equates to a 3% yield at today's price.
