On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a decent gain. The benchmark index rose 0.3% to 8,542.3 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 after a positive start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 4 points higher. In the United States, the Dow Jones was up 0.6%, the S&P 500 climbed 0.5%, and the Nasdaq pushed 0.5% higher.
Buy Cedar Woods
Cedar Woods Properties Ltd (ASX: CWP) shares can keep rising according to analysts at Bell Potter. This morning, the broker has retained its buy rating on the property developer's shares with an improved price target of $8.00. It said: "We maintain our Buy recommendation and increase our FY25-FY27e EPS estimates by 0% to 3% reflecting (1) higher conviction in settlement timeframes, (2) increased longer term confidence due to acquisitions and (3) robust macro tailwinds. We increase our TP to $8.00 based on a 50 / 50 blend of our DCF and SOTP valuations."
Oil prices fall
It could be a poor session for ASX 200 energy shares including Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 0.85% to US$64.97 a barrel and the Brent crude oil price is down 0.2% to US$67.63 a barrel. Oil prices fell in response to easing Middle East risks.
Capricorn Metals rated as a hold
Capricorn Metals Ltd (ASX: CMM) shares are fully valued according to analysts at Bell Potter. This morning, the broker has retained its hold rating with an improved price target of $9.10. It said: "CMM is a sector leading gold producer, fully funded to grow production from ~115kozpa to ~300kozpa at AISC of ~A$1,700/oz from FY27, from two gold mines in WA, each with +10 year mine lives and run by a management team that has an excellent track record of delivery. Our NPV-based valuation is up 1% to $9.10/sh. We retain our Hold recommendation."
Gold price rises
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a positive day after the gold price raced higher overnight. According to CNBC, the gold futures price is up 0.95% to US$3,391.1 an ounce. This was driven by a weaker US dollar.
