On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a very small gain. The benchmark index rose 4.7 points to 7,351.5 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
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ASX 200 expected to fall
The Australian share market looks set to give back yesterday's gains and more on Tuesday following a poor start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 28 points or 0.35% lower. In late trade in the United States, the Dow Jones is up 0.4%, but the S&P 500 is down 0.3% and the NASDAQ is down 0.6%.
Oil prices rise
Energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a decent day after oil prices stormed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.15% to US$77.22 a barrel and the Brent crude oil price is up 1.2% to US$83.99 a barrel. Traders appear to believe oil prices were oversold after another heavy decline last week.
Altium half-year result
The Altium Limited (ASX: ALU) share price will be one to watch on Tuesday. This follows the release of the electronic design software company's half year results after the market close on Monday. Altium reported a 17% increase in revenue to US$119.5 million and a 30% jump in net profit after tax to US$29.6 million. Goldman Sachs commented: "In-line result drives minor changes; pricing and Octopart yield offset weaker than expected volumes."
Gold price edges higher
It could be a subdued day for gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) after the gold price edged ever so slightly higher overnight. According to CNBC, the spot gold price is up a fraction to US$1,850.3 an ounce. Traders appear unsure where gold is heading next given the outlook for interest rates.
BHP results
The BHP Group Ltd (ASX: BHP) share price will be in focus today when the mining giant releases its half year results. According to Goldman Sachs, its analysts expect "underlying EBITDA US$13.7bn vs. cons US$14.3bn (difference is GS lower on met & thermal coal; US$2.7bn vs. cons US$3.0bn, lower on Nickel West). NPAT US$6.9bn vs. cons US$7.0bn." The broker also expects an 88 US cents per share interim dividend, versus the consensus estimate of 98 US cents per share.
