On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week on a positive note. The benchmark index rose 0.3% to 8,417.6 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 another positive start to the week in the United States. According to the latest SPI futures, the ASX 200 is poised to open the day 30 points or 0.35% higher. In late trade on Wall Street, the Dow Jones is up 0.95%, the S&P 500 is up 0.25%, and the Nasdaq is 0.15% higher.
Buy Lovisa shares
Lovisa Holdings Ltd (ASX: LOV) shares are in the buy zone according to analysts at Bell Potter. This morning, the broker has upgraded the fashion jewellery retailer's shares to a buy rating with a trimmed price target of $30.00. It said: "We see some catalysts for better growth ahead from a new store growth perspective considering the improved pace of store openings over the recent weeks, higher 2H skew in the key US market and healthy new openings in broader Europe (exUK/France/Germany)."
Oil prices tumble
It looks likely to be a poor session for ASX 200 energy shares Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) on Tuesday after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 3.2% to US$68.94 a barrel and the Brent crude oil price is down 2.8% to US$73.05 a barrel. Oil prices fell amid reports of a ceasefire between Isreal and Lebanon.
Webjet results
Webjet Group (ASX: WJL) shares will be on watch today after the online travel agent released its half year results. The company reported an 8% decline in bookings and total transaction value (TTV) and a 1% reduction in revenue to $72 million, but a 1% lift in EBITDA to $19.4 million. Webjet's managing director, Katrina Barry, said: "Today we report a very pleasing and strong result in the context of a challenged broader Australasian economy."
Gold price sinks
ASX 200 gold miners such as Gold Road Resources Ltd (ASX: GOR) and Regis Resources Limited (ASX: RRL) could have a difficult session on Tuesday after the gold price sank overnight. According to CNBC, the gold futures price is down 3.4% to US$2,621.1 an ounce. This was driven by the aforementioned news of an Israel-Lebanon ceasefire and the appointment of the new US Treasury secretary.
