On Thursday, the S&P/ASX 200 Index (ASX: XJO) was out of form and sank into the red. The benchmark index fell 1.05% to 8,579.5 points.
Will the market be able to bounce back on Tuesday? Here are five things to watch:
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ASX 200 set to open flat
The Australian share market looks set to open flat 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 week right where it ended the last one. In late trade on Wall Street, the Dow Jones is up 0.35%, the S&P 500 is up 0.45%, and the Nasdaq is 0.55% higher.
Oil prices rise
It could be a good session for ASX 200 energy shares Karoon Energy Ltd (ASX: KAR) and Santos Ltd (ASX: STO) after oil prices rose again overnight. According to Bloomberg, the WTI crude oil price is up 0.8% to US$112.44 a barrel and the Brent crude oil price is up 0.3% to US$109.35 a barrel. Oil prices pushed higher after Donald Trump reiterated threats to bomb Iranian infrastructure.
Lovisa given hold rating
The Lovisa Holdings Ltd (ASX: LOV) share price is close to fair value according to analysts at Bell Potter. This morning, the broker has retained its hold rating on the fashion jewellery retailer's shares with a heavily reduced price target of $24.00 (from $33.50). It said: "We highly rate LOV's strong gross margin outlook, long term store opportunity upside, further prospects arising from changes in the competitive dynamics in US/UK/South Africa, together with strong execution and leadership. On the flipside, we see elevated risks within the core Australian market with a fast-growing competitor and factor in further declines in comparable store sales for the region."
Gold price edges higher
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Ramelius Resources Ltd (ASX: RMS) could have a positive session on Tuesday after the gold price edged higher overnight. According to CNBC, the gold futures price is up 0.1% to US$4,684.1 an ounce. Traders were buying gold as Trump's deadline for Iran neared.
Nufarm named as a buy
The team at Bell Potter has named Nufarm Ltd (ASX: NUF) shares as a buy with a $3.60 price target. This implies potential upside of over 70% for investors. Commenting on the agricultural chemicals company, it said: "We are now beginning to enter the most material selling windows for NUF and the majority of markets look supportive of reasonable demand levels of crop protection products."
