On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small gain. The benchmark index rose 5 points to 9,010.9 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 following a soft night in Europe. According to the latest SPI futures, the ASX 200 is expected to open the day 4 points lower. Wall Street was closed for Labor Day, but in Europe the FTSE fell 0.1% and the DAX dropped 0.15%.
Shares going ex-dividend
Another group of ASX 200 shares will be going ex-dividend on Tuesday and could trade lower. This includes AUB Group Ltd (ASX: AUB), BlueScope Steel Ltd (ASX: BSL), Mineral Resources Ltd (ASX: MIN), News Corporation (ASX: NWS), and Smartgroup Corporation Ltd (ASX: SIQ). Mineral Resources will be rewarding its shareholders with a fully franked 83 cents per share dividend on 30 September.
Oil prices rise
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good session on Tuesday after oil prices rose overnight. According to Bloomberg, the WTI crude oil price is up 1.3% to US$92.70 a barrel and the Brent crude oil price is up 1.1% to US$97.314 a barrel. This was driven by a further escalation in US-Iran hostilities.
Gold price softens
ASX 200 gold shares Genesis Minerals Ltd (ASX: GMD) and Capricorn Metals Ltd (ASX: CMM) could have a soft session after the gold price dropped overnight. According to CNBC, the gold futures price is down 0.55% to US$4,452 an ounce. The precious metal has come under pressure due to increasing US rate hike bets.
Buy Select Harvests shares
Select Harvests Ltd (ASX: SHV) shares could be undervalued according to analysts at Bell Potter. This morning, the broker has retained its buy rating on the almond producer's shares with an improved price target of $6.05 (from $5.30). It said: "Almond prices are strengthening and the SHV share price has lagged this move, continuing to trade below its market backed asset value of ~$5.30ps. At spot almond price levels, we would estimate FY27e EPS in a range of 53-72¢ps based on production guidance comparable to FY26e (i.e. 28,000-31,000kt), a level materially higher than the current consensus EPS level of ~37¢ps."
