On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a gain. The benchmark index rose 0.3% to close at a record high of 8,121.6 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to rise again
The Australian share market is expected to rise again on Tuesday following a relatively positive start to the week in the United States. According to the latest SPI futures, the ASX 200 is poised to open the day 72 points or 0.9% higher. On Wall Street, the Dow Jones rose 0.55%, the S&P 500 climbed 0.1%, but the Nasdaq dropped 0.5%.
Incitec Pivot update
Incitec Pivot Ltd (ASX: IPL) shares will be on watch this morning after the commercial explosives and fertiliser company released an investor day presentation. Management spoke positively about the outlook of its Dyno Nobel business and believes it is well placed for the future. It notes that: "Our markets and customers are resilient and enduring; and the shift to materials and minerals is advantageous for our total volume, mix and profitability. […] We are working to drive productivity to double earnings1 through our transformation program."
Oil prices rise
It could be a good session for ASX 200 energy shares Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) on Tuesday after oil prices rose overnight. According to Bloomberg, the WTI crude oil price is up 2.6% to US$70.45 a barrel and the Brent crude oil price is up 1.9% to US$72.94 a barrel. Oil prices climbed as the ongoing impact of Hurricane Francine on output in the U.S. Gulf of Mexico offset Chinese demand concerns.
Cochlear shares go ex-dividend
Cochlear Ltd (ASX: COH) shares are going ex-dividend this morning and could trade lower. Last month, the hearing solutions company declared a partially franked $2.10 per share final dividend. This will be paid to eligible shareholders next month on 10 October. In other news, coal miner Whitehaven Coal Ltd (ASX: WHC) will be paying its 13 cents per share fully franked final dividend this morning.
Gold price edges lower
ASX 200 gold miners Gold Road Resources Ltd (ASX: GOR) and Regis Resources Limited (ASX: RRL) could have a subdued session after the gold price edged lower overnight. According to CNBC, the gold futures price is down slightly to US$2,609.8 an ounce. Gold appears to be in a holding pattern ahead of the US Federal Reserve's rate cut meeting this week.
