On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small gain. The benchmark index rose 0.1% to 8,221.5 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 following a good start to the week in the United States. According to the latest SPI futures, the ASX 200 is poised to open the day 38 points or 0.45% higher. In late trade on Wall Street, the Dow Jones is up 0.7%, the S&P 500 is up 0.4%, and the Nasdaq is up 0.4%.
IGO shares rated as a buy
The IGO Ltd (ASX: IGO) share price is good value according to the team at Goldman Sachs. This morning, the broker has reaffirmed its buy rating with a trimmed price target of $6.20. This implies potential upside of 16% for investors. It said: "We rate IGO as Buy relative to our lithium coverage, where on valuation IGO is trading on 0.8x NAV and pricing ~US$965/t spodumene, at a discount to peers (~1x NAV and ~US$1,025/t), with near-term FCF yields remaining positive and attractive vs. peers (<0% on average)."
Oil prices crash
It could be a difficult session for ASX 200 energy shares Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) on Tuesday after oil prices crashed overnight. According to Bloomberg, the WTI crude oil price is down 5.8% to US$67.60 a barrel and the Brent crude oil price is down 5.75% to US$71.68 a barrel. Traders were selling oil after Israel spared Iranian crude oil facilities.
CSL annual general meeting
CSL Ltd (ASX: CSL) shares will be on watch on Tuesday when the biotechnology giant holds its annual general meeting. It is possible that the plasma therapies provider will release a first quarter trading update at the event. Elsewhere, Ansell Ltd (ASX: ANN), Credit Corp Group Limited (ASX: CCP), and Kelsian Group Ltd (ASX: KLS) are also holding their annual general meetings today and could provide updates.
Gold price edges lower
ASX 200 gold miners Gold Road Resources Ltd (ASX: GOR) and Regis Resources Limited (ASX: RRL) could have a subdued session after the gold price edged lower overnight. According to CNBC, the gold futures price is down slightly to US$2,754 an ounce. The gold price came under pressure after treasury yields climbed.
