On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week strongly. The benchmark index charged 0.75% higher to 8,084.5 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 is expected to rise again on Tuesday despite a mixed start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 58 points or 0.75% higher. On Wall Street, the Dow Jones was up 0.15%, the S&P 500 fell 0.3%, and the Nasdaq tumbled 0.85%. The Dow Jones reached a record high during the session.
BHP full year update
BHP Group Ltd (ASX: BHP) shares will be on watch this morning when the mining giant releases its FY 2024 results. The consensus estimate is for BHP to report total revenue of US$55,807 million. As for earnings, the market is expecting underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of US$28,835 million. This will be up from US$27,956 million in FY 2023. A fully franked full year dividend of US$1.46 per share is expected.
Oil prices jump
It may be a good session for ASX 200 energy shares Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 3% to US$77.06 a barrel and the Brent crude oil price is up 2.7% to US$81.18 a barrel. Rising tensions in the Middle East sent prices higher.
Coles full year results
Coles Group Ltd (ASX: COL) shares will be in focus today when the supermarket operator releases its FY 2024 results. According to a note out of Goldman Sachs, its analysts are forecasting sales of $43,343 million, a gross profit margin of 26%, EBIT of $1,985 million, and underlying net profit after tax of $1,078 million. This is expected to underpin fully franked dividends of 64.5 cents per share in FY 2024.
Gold price rises again
It looks like ASX 200 gold miners such as Gold Road Resources Ltd (ASX: GOR) and Regis Resources Limited (ASX: RRL) could have a positive session on Tuesday after the gold price rose again overnight. According to CNBC, the spot gold price is up 0.3% to US$2,554 an ounce. Rate cut optimism and geopolitical risks were behind the rise.
