On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with the smallest of gains. The benchmark index rose slightly to 7,665.1 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to edge higher
The Australian share market is expected to edge higher on Tuesday despite a mixed start to the week on global markets. According to the latest SPI futures, the ASX 200 is poised to open the day 1 point higher. Wall Street was closed but the FTSE rose 0.2% and the DAX was down 0.15%.
BHP results
BHP Group Ltd (ASX: BHP) shares will be on watch today when the mining giant releases its half-year results. According to a note out of Goldman Sachs, its analysts are expecting the company to report first-half revenue of US$27,595.57 million. This will be an increase of 6.2% over the US$25,982 million that was reported a year ago. As for earnings, the consensus estimate is for US$1.43 per share. This is up 10% on the prior corresponding period.
Oil prices mixed
ASX 200 energy shares including Woodside Energy Group Ltd (ASX: WDS) and Karoon Energy Ltd (ASX: KAR) will be on watch after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is up 0.1% to US$79.27 a barrel and the Brent crude oil price is down 0.2% to US$83.30 a barrel. Trading was thin due to the US public holiday.
Megaport results
The Megaport Ltd (ASX: MP1) share price will be on watch today when the elasticity connectivity and network services interconnection provider releases its half year results. The company has already pre-released its results, reporting a 35% increase in revenue to $95 million and EBITDA of $30 million. All eyes will be on its guidance, which was unchanged despite the stronger than expected half.
Gold price rises
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could rise today after the gold price climbed overnight. According to CNBC, the spot gold price is up 0.25% to US$2,029.4 an ounce. Middle East tensions boosted the safe haven asset.
