On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small gain and fighting back from early weakness. The benchmark index rose 0.2% to 8,300.2 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 positive start to the week in the United States. According to the latest SPI futures, the ASX 200 is poised to open the day 12 points or 0.15% higher. In late trade on Wall Street, the Dow Jones is down 0.15%, but the S&P 500 is up 0.45% and the Nasdaq is up 0.7%.
Buy Collins Foods shares
Collins Foods Ltd (ASX: CKF) shares could be a buy according to analysts at Goldman Sachs. Ahead of the release of the quick service restaurant operator's half year results next week, the broker has reaffirmed its buy rating and $10.00 price target on the company's shares. It said: "Trading on 17x NTM PE multiple versus 20x for Collins 5-year average and the median of the QSR peer set, we see upside as margins expand and earnings grow into 2H25 and FY26. We marginally lower our FY25/26/27 EPS forecasts by 3%, driven by lower KFC Europe sales, and maintain our TP at AU$10/share. Buy."
Oil prices jump
It looks set to be a good session for ASX 200 energy shares including Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) on Tuesday after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 3.2% to US$69.16 a barrel and the Brent crude oil price is up 3.1% to US$73.25 a barrel. Oil prices stormed higher after Russia-Ukraine tensions escalated.
Annual general meetings
A number of ASX 200 shares are holding their annual general meetings on Tuesday and could provide the market with trading updates. Among the companies holding their annual events today are BlueScope Steel Limited (ASX: BSL), Monadelphous Group Ltd (ASX: MND), Seek Ltd (ASX: SEK), and Sonic Healthcare Ltd (ASX: SHL).
Gold price rebounds
ASX 200 gold miners Gold Road Resources Ltd (ASX: GOR) and Regis Resources Limited (ASX: RRL) could have a good session on Tuesday after the gold price rebounded overnight. According to CNBC, the gold futures price is up 1.7% to US$2,612.6 an ounce. A softer US dollar and rising Russia-Ukraine tensions were behind this rise.
