5 things to watch on the ASX 200 on Tuesday

Here's what to expect on the local market today.

Broker looking at the share price.

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On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a strong gain. The benchmark index rose 0.6% to 7,863.7 points.

Will the market be able to build on this on Tuesday? Here are five things to watch:

ASX 200 expected to edge lower

The Australian share market looks set to edge lower on Tuesday following a mixed start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 7 points or 0.1% lower. In late trade in the United States, the Dow Jones is down 0.45%, but the S&P 500 is up 0.15% and the NASDAQ is up 0.65%.

TechnologyOne results

The TechnologyOne Ltd (ASX: TNE) share price will be one to watch on Tuesday. That's because the enterprise software provider is scheduled to release its half year results. Goldman Sachs is expecting a strong performance from the tech stock. It said: "We estimate TNE will report (1) SaaS ARR [annual recurring revenue] of A$425mn or +35% y/y vs +34% Visible Alpha Consensus Data; (2) Total revenue of A$241mn or +19% y/y vs A$231mn consensus; (3) Profit before tax of A$62mn or +18% y/y vs +19% consensus."

Oil prices soften

It could be a subdued session for ASX 200 energy shares Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) after oil prices softened overnight. According to Bloomberg, the WTI crude oil price is down 0.35% to US$79.77 a barrel and the Brent crude oil price is down 0.3% to US$83.73 a barrel. Uncertainty over Iranian supply plans weighed on prices.

Elders rated as a buy

The Elders Ltd (ASX: ELD) share price is good value according to analysts at Bell Potter. In response to the agribusiness company's half year results, the broker has reaffirmed its buy rating with an improved price target of $9.30. Bell Potter believes its shares are undervalued at current levels. It said: "We see ELD trading at 7.5-8.0x Through-The-Cycle (TTC) EBITDA, which we have raised to $270-280m reflecting YTD business investment ($68m in 1H24 + $51m on Knight Frank TAS), a discount to its historical average of 8.5x."

Gold price jumps to record high

ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a good session on Tuesday after the gold price raced to a new record high overnight. According to CNBC, the spot gold price is up 0.8% to US$2,436.9 an ounce. This was driven by a perfect storm of U.S. rate cut expectations, China's stimulus measures, and geopolitical tensions lifting demand.

Motley Fool contributor James Mickleboro has positions in Technology One. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group and Technology One. The Motley Fool Australia has recommended Elders and Technology One. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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