On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a decent gain. The benchmark index rose 0.6% to 7,294.9 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
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ASX 200 expected to rise again
The Australian share market looks set to rise this morning despite a poor start to the week in the US. According to the latest SPI futures, the ASX 200 is poised to open the day 12 points or 0.2% higher. On Wall Street, the Dow Jones fell 0.3%, the S&P 500 dropped 0.4%, and the NASDAQ tumbled 0.7% lower.
Oil prices fall
Energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a subdued session after oil prices pulled back. According to Bloomberg, the WTI crude oil price is down 0.7% to US$71.29 a barrel and the Brent crude oil price is down 0.6% to US$76.13 a barrel. China growth uncertainty weighed on prices.
Premier Investments goes ex-dividend
Premier Investments Limited (ASX: PMV) shares will be going ex-dividend on Tuesday and could trade lower. All the way back in March, the retail conglomerate declared a fully franked interim dividend of 70 cents per share. This will be paid to eligible shareholders next month on 26 July.
Gold price falls
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price fell overnight. According to CNBC, the spot gold price is down 0.45% to US$1,962.5 an ounce. US rate hike expectations have put pressure on the precious metal.
Bega Cheese named as a buy
The Bega Cheese Ltd (ASX: BGA) share price could be good value according to analysts at Bell Potter. This morning, the broker has reiterated its buy rating with a $4.00 price target. Bell Potter believes the diversified food company's shares are undervalued by the market. It said: "The agricultural sector overall is trading at depressed multiples, BGA being no exception at ~8x FY24e EBITDA (the lower end of its historical range)."
