On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a positive fashion. The benchmark index rose 0.4% to 8,810.9 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
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ASX 200 expected to rise
The Australian share market looks set to rise again on Tuesday following a decent start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 17 points or 0.2% higher. In the United States, the Dow Jones is up 0.15%, the S&P 500 is 0.45% higher, and the Nasdaq has risen 0.7%.
Catapult added to ASX 200
Catapult Sports Ltd (ASX: CAT) shares will be on watch on Tuesday after the sports technology company was added to the ASX 200 index. The high-flying tech stock is joining the benchmark index in place of Gold Road Resources Ltd (ASX: GOR), which is being kicked out after shareholders approved its $3.7 billion acquisition by South Africa's Gold Fields (NYSE: GFI).
Oil prices edge lower
It looks set to be a subdued session for ASX 200 energy shares Karoon Energy Ltd (ASX: KAR) and Santos Ltd (ASX: STO) after oil prices edged lower overnight. According to Bloomberg, the WTI crude oil price is down a touch to US$62.64 a barrel and the Brent crude oil price is down 0.1% to US$66.61 a barrel. This was driven by news that Iraq is increasing its exports despite demand concerns.
Buy Generation Development shares
The Generation Development Group Ltd (ASX: GDG) share price could be good value according to analysts at Bell Potter. This morning, the broker has initiated coverage on the financial services company's shares with a buy rating and $8.20 price target. Bell Potter highlights that its shares are trading at a discount to peers. This implies potential upside of approximately 15% for investors. It said: "We initiate coverage on GDG with a Buy rating and $8.20/sh target. GDG screens well with significant growth runway, trading on a PEG -10% below tech and financial peers."
Gold price jumps
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Ramelius Resources Ltd (ASX: RMS) could have a good session on Tuesday after the gold price jumped to a fresh record high overnight. According to CNBC, the gold futures price is up 2.1% to US$3,782.7 an ounce. The precious metal rose after the market priced in further rate cuts.
