On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a decent gain. The benchmark index rose 0.5% to 8,759.4 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 again
The Australian share market looks set to push higher again on Tuesday following a positive start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 23 points or 0.25% higher. In late trade in the United States, the Dow Jones is up 0.1%, the S&P 500 is 0.2% higher, and the Nasdaq is up 0.5%.
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 0.5% to US$59.42 a barrel and the Brent crude oil price is up 0.7% to US$63.77 a barrel. Traders were buying oil in response to Iranian and Venezuelan uncertainty.
BHP and Rio Tinto expected to rise
It looks set to be a good session for BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) shares on Tuesday after their NYSE-listed shares charged higher on Monday night. Both miners were up around 2% during the session on Wall Street.
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 overnight. According to CNBC, the gold futures price is up 2.8% to US$4,626.7 an ounce. This was driven by safe haven demand and a weaker US dollar.
Buy WiseTech shares
WiseTech Global Ltd (ASX: WTC) shares offer major upside according to analysts at Citi. The broker has retained its buy rating and $109.15 price target on this logistics solutions technology company's shares. It believes WiseTech can achieve the midpoint of its annual revenue guidance despite granting some customers a short-term exemption from its new pricing model. Although Citi concedes that second half revenue from Cargowise value packs could be smaller than previously expected, it believes this could be offset by stronger than expected industry freight volumes. The broker also sees scope for strong earnings from lower than forecast operating expenses.
