On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a day to remember. The benchmark index rose 1.95% to 6,706 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 edge higher
The Australian share market appears to be running out of steam but is still expected to open slightly higher on Tuesday. According to the latest SPI futures, the ASX 200 is poised to open the day 5 points or 0.1% higher. On Wall Street, the Dow Jones slipped 0.2%, the S&P 500 fell 0.3%, and the Nasdaq dropped 0.7%.
Collins Foods results
The Collins Foods Ltd (ASX: CKF) share price will be on watch today when the KFC restaurant operator releases its full year results. No guidance was given for FY 2022, but the market will be looking for further solid growth after a positive first-half which saw Collins Foods report an 8.5% increase in revenue and a 10% jump in EBITDA.
Oil prices push higher
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a decent day after oil prices stormed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.9% to US$109.68 a barrel and the Brent crude oil price has climbed 1.9% to US$115.27 a barrel. Talks of new sanctions on Russia boosted prices.
Gold price falls
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have another poor day after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.35% to US$1,823.6 an ounce. A rise in U.S. 10-Year Treasury yields weighed on the precious metal.
OZ Minerals rated as a buy
Goldman Sachs remains positive on the OZ Minerals Limited (ASX: OZL) share price. This is despite the copper producer downgrading FY 2022 copper production guidance by ~8% and increasing unit costs by ~25%. Goldman has retained its buy rating with a trimmed price target of $26.10. The broker believes investors should focus on its positive medium term growth outlook, which is unchanged.
