On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a positive fashion. The benchmark index rose 0.45% to 7,813.7 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 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 8 points or 0.1% higher. On Wall Street, the Dow Jones was down 0.35%, but the S&P 500 was flat and the Nasdaq edged 0.2% higher.
CSL results
All eyes will be on CSL Ltd (ASX: CSL) shares on Tuesday when the biotherapeutics giant releases its eagerly anticipated full year results. According to a note out of Morgans, it is expecting the company to deliver on expectations. It said: "Not expecting major surprises. We view FY24 constant currency guidance (NPATA US$2.9-3.0bn, +13-17%; 9-11% revenue growth) as achievable and look for FY25 growth guidance to be similar (NPATA +13-17%; US$3.3-3.5bn)."
Oil prices jump
It could be a great session for ASX 200 energy shares Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 3.65% to US$79.63 a barrel and the Brent crude oil price is up 2.8% to US$81.89 a barrel. This was driven by rising tensions in the Middle East.
Car Group rated as a buy
CAR Group Limited (ASX: CAR) shares could be a buy according to analysts at Goldman Sachs. In response to its full year results, the broker has retained its buy rating on the auto listings company's shares with a $40.90 price target. This implies potential upside of 16% for investors from current levels. It said: "We are Buy rated on CAR as we are increasingly confident in the company's earnings momentum (both locally & globally) – forecasting +11% EPS CAGR across FY24-27E."
Gold price storms higher
It looks like ASX 200 gold miners including Gold Road Resources Ltd (ASX: GOR) and Regis Resources Limited (ASX: RRL) could have a strong session on Tuesday after the gold price stormed higher overnight. According to CNBC, the spot gold price is up 1.55% to US$2,511.70 an ounce. Rising tensions in the Middle East led to increased demand for safe haven assets.
