On Monday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) continued its positive run and made it five consecutive trading days of gains. The benchmark index finished the day 0.2% higher at 5,890.4 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX futures pointing higher.
The ASX 200 is expected to open the day slightly higher on Tuesday. According to the latest SPI futures the benchmark index is poised to open a single point higher this morning following a mixed night of trade in Europe. Wall Street was closed for Martin Luther King, Jr. Day.
Oil prices edge higher.
According to Bloomberg, oil prices have continued their positive run and pushed higher again. The WTI crude oil price is up 0.2% to US$53.90 a barrel and the Brent crude oil price pushed 0.2% higher to US$62.83 a barrel. This could mean another positive day of trade for Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) shares on Tuesday.
BHP production update.
The BHP Group Ltd (ASX: BHP) share price will be on watch on Tuesday when it releases its production update for the second quarter and first half of FY 2019. The market will be expecting a solid update following positive updates from rival Rio Tinto Limited (ASX: RIO) and spin off South32 Ltd (ASX: S32) last week.
Quarterly updates.
Quarterly updates are also due to be released from a number of other companies in the resources sector today. This includes embattled rare earths producer Lynas Corporation Ltd (ASX: LYC) and energy producer Oil Search.
Wesfarmers downgraded.
The Wesfarmers Ltd (ASX: WES) share price will be on watch on Tuesday after Goldman Sachs downgraded its shares from a buy rating to neutral. The broker made the move because of concerns over the outlook for the Bunnings business due to a range of factors.
