On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a positive fashion. The benchmark index rose 0.6% to 6,933.7 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 rise
The Australian share market looks set to rise again on Tuesday. This follows a good start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 29 points or 0.4% higher. In late trade in the United States, the Dow Jones is up 1.35%, the S&P 500 is up 0.95%, and the NASDAQ has risen 0.9%.
Westpac rated as a buy
The Westpac Banking Corp (ASX: WBC) share price remains great value following the bank's results. That's the view of analysts at Goldman Sachs, which have reiterated their conviction buy rating with an improved price target of $27.60. The broker commented: "While on the surface, the FY22 result suggested WBC's NIM leverage was underwhelming relative to some peers, we think 2H22 was adversely impacted by late-in-the-half liquidity build."
Oil prices fall
Energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a subdued day after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 0.9% to US$91.78 a barrel and the Brent crude oil price has fallen 0.75% to US$97.85 a barrel. Chinese demand fears appeared to weigh on prices.
New Hope dividend being paid
Today is payday for New Hope Corporation Limited (ASX: NHC) shareholders. This morning the coal miner is paying its shareholders a 56 cents per share dividend. Based on the latest New Hope share price of $6.45, this final dividend of FY 2022 equates to a whopping 8.6% fully franked dividend yield.
Gold price rises
Gold miners such as Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price traded slightly higher overnight. According to CNBC, the spot gold price is up 0.2% to US$1,679.6 an ounce. A softer US dollar has led to the gold price trading close to a three-week high.
