On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in the red. The benchmark index dropped 0.5% to 8,927.7 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
Image source: Getty Images
ASX 200 expected to fall again
The Australian share market looks set to fall on Tuesday. According to the latest SPI futures, the ASX 200 is poised to open the day 6 points or 0.1% lower. In the United States, the Dow Jones, the S&P 500, and the Nasdaq were closed for the Labour Day holiday.
ASX 200 shares going ex-dividend
Another group of ASX 200 shares will be going ex-dividend on Tuesday and could trade lower. This includes regional bank Bendigo and Adelaide Bank Ltd (ASX: BEN), metal detector company Codan Ltd (ASX: CDA), Bunnings owner Wesfarmers Ltd (ASX: WES), and supermarket giant Woolworths Group Ltd (ASX: WOW). The latter is paying its shareholders a fully franked 45 cents per share final dividend later this month on 26 September.
Oil prices rise
It could be a decent session for ASX 200 energy shares Karoon Energy Ltd (ASX: KAR) and Santos Ltd (ASX: STO) after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 0.95% to US$64.61 a barrel and the Brent crude oil price is up 1% to US$68.16 a barrel. Russian supply disruptions boosted prices.
Austal shares rated as a hold
High-flying Austal Ltd (ASX: ASB) shares are close to being fully valued according to analysts at Bell Potter. This morning, the broker has retained its hold rating on the shipbuilder's shares with an improved price target of $8.00 (from $6.75). It said: "This was clearly an impressive result from ASB, who continues to execute efficiently on the significant volume of work won in recent years whilst simultaneously boosting its manufacturing capacity. Whilst we have a positive view on ASB and acknowledge its attractive growth profile, we are conscious the company trades at a material premium to its listed peers. As such, we retain our HOLD recommendation with an updated PT of $8.00."
Gold price rises
ASX 200 gold shares such as Evolution Mining Ltd (ASX: EVN) and Ramelius Resources Ltd (ASX: RMS) could have a good session on Tuesday after the gold price pushed higher overnight. According to CNBC, the gold futures price is up 0.85% to US$3,545.8 an ounce. Traders were bidding the precious metal higher on increased US rate cut bets.
