On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a decent gain. The benchmark index rose 0.3% to 7,578.4 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market is expected to rise on Tuesday following a good start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 9 points or 0.1% higher. In late trade in the United States, the Dow Jones is up 0.1%, the S&P 500 is up 0.25%, and the NASDAQ is 0.55% higher.
Megaport update
The Megaport Ltd (ASX: MP1) share price will be on watch today when the elasticity connectivity and network services interconnection provider releases its quarterly update. During the first quarter, Megaport reported 36% growth in its annual recurring revenue. The market may be expecting more strong growth today. In addition, all eyes will be on its guidance for FY 2024. It is guiding to revenue of $190 million to $195 million and EBITDA of $51 million to $57 million.
Oil prices tumble
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a tough session after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 1.8% to US$76.62 a barrel and the Brent crude oil price is down 1.6% to US$83.22 a barrel. This has been driven by concerns over the Chinese economy following the liquidation of China Evergrande.
Woolworths remains a buy
Goldman Sachs believes that investors should be snapping up Woolworths Group Ltd (ASX: WOW) shares. In response to its trading update, the broker has retained its conviction buy rating with a new $42.30 price target. Its analysts believe management's guidance means "a strong result especially given moderating inflation and increasing competition."
Gold price rises
ASX 200 gold shares such as Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) look set to have a good session after the gold price rose overnight. According to CNBC, the spot gold price is up 0.4% to US$2,025.6 an ounce. Rising tensions in the Middle East boosted the safe haven asset.
