On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with the smallest of gains. The benchmark index rose a touch to 9,200.9 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
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ASX 200 to edge lower
The Australian share market looks set for a subdued session on Tuesday despite a decent start to the week in the US. According to the latest SPI futures, the ASX 200 is poised to open the day 12 points or 0.15% lower. In late trade on Wall Street, the Dow Jones is up 0.1%, the S&P 500 is up 0.3%, and the Nasdaq is up 0.6%.
Oil prices jump
It could be a good session for ASX 200 energy shares Karoon Energy Ltd (ASX: KAR) and Santos Ltd (ASX: STO) after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 6.3% to US$71.27 a barrel and the Brent crude oil price is up 6.8% to US$77.85 a barrel. This was driven by the war in Iran.
Magellan shares on watch
Magellan Financial Group Ltd (ASX: MFG) shares will be on watch today when they return from a trading halt. On Monday, the fund manager announced a proposed $1.6 billion merger with Barrenjoey. Magellan's chair, Andrew Formica, said: "The merger with Barrenjoey marks a transformative step in MFG's evolution, bringing together two highly complementary businesses to create an Australian financial services group with meaningful scale and breadth."
Gold price storms higher
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Ramelius Resources Ltd (ASX: RMS) could have a good session on Tuesday after the gold price stormed higher overnight. According to CNBC, the gold futures price is up 1.8% to US$5,342.1 an ounce. This was driven by strong demand for safe haven assets in response to the war in the Middle East.
ASX 200 shares going ex-div
A number of ASX 200 shares are going ex-dividend today and could trade lower. This includes pizza chain operator Domino's Pizza Enterprises Ltd (ASX: DMP), property listings giant REA Group Ltd (ASX: REA), scrap metal company Sims Ltd (ASX: SGM), and logistics solutions company Qube Holdings Ltd (ASX: QUB). The latter will be paying eligible shareholders a 5.4 cents per share dividend next month on 9 April.
