On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a decline. The benchmark index fell 0.3% to 7,078.7 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
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ASX 200 expected to rise
The Australian share market looks set to rise this morning despite a poor start to the week in the US. According to the latest SPI futures, the ASX 200 is poised to open the day 21 points or 0.3% higher. On Wall Street, the Dow Jones was down a fraction, the S&P 500 dropped 0.45%, and the NASDAQ tumbled 1.15% lower.
Oil prices rise
Energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a decent session after oil prices pushed higher. According to Bloomberg, the WTI crude oil price is up 0.6% to US$69.56 a barrel and the Brent crude oil price is up 0.65% to US$74.34 a barrel. Concerns over potential Russian supply disruption boosted prices.
Collins Foods results
Collins Foods Ltd (ASX: CKF) shares will be on watch today when the KFC operator releases its full-year results. According to a note out of Morgans, its analysts are expecting revenue of $1,311.8 million and net profit after tax of $48.6 million. The latter will be down from $59.7 million a year ago. A full-year dividend of 24 cents per share is also expected.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price rose overnight. According to CNBC, the spot gold price is up 0.15% to US$1,932.7 an ounce. Political turmoil in Russia has given the safe haven asset a boost.
TechnologyOne upgraded
The TechnologyOne Ltd (ASX: TNE) share price could be great value according to analysts at Goldman Sachs. This morning, the broker upgraded the enterprise software company's shares to a buy rating with an $18.30 price target. It said: "[W]e believe TNE's dominant market position, defensive end markets and mission-critical systems can command a premium valuation."
