On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week strongly. The benchmark index rose 0.6% to 7,159.8 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 rise again
The Australian share market is set to rise again on Tuesday following a positive start to the week in the US. According to the latest SPI futures, the ASX 200 is poised to open the day 27 points or 0.4% higher. On Wall Street, the Dow Jones was up 0.6%, the S&P 500 rose 0.6%, and the NASDAQ climbed 0.85%.
Oil prices rise
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a decent session after oil prices rose overnight. According to Bloomberg, the WTI crude oil price is up 0.35% to US$80.12 a barrel and the Brent crude oil price is up slightly to US$84.49 a barrel. Concerns that a US Gulf Coast tropical storm could hit supply boosted prices.
Mineral Resources FY 2023 results
Mineral Resources Ltd (ASX: MIN) shares will be in focus today when the mining and mining services company releases its FY 2023 results. Goldman Sachs is forecasting revenue of $4,768 million and underlying EBITDA of $1,801 million. This represents an increase of 39.5% and 75.9%, respectively. A fully franked dividend of $1.56 per share has been pencilled in by the broker.
Gold price rises
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.4% to US$1,947.5 an ounce. A pullback in treasury yields boosted gold's appeal.
Fortescue shares rated as a sell
The Fortescue Metals Group Ltd (ASX: FMG) share price is overvalued according to Goldman Sachs. In response to its FY 2023 results and the announcement of the exit of its CEO, the broker has reiterated its sell rating with a trimmed price target of $13.80. This implies a 30% downside from current levels.
