On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a positive fashion. The benchmark index rose 0.35% to 7,470.1 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
Image source: Getty Images
ASX 200 expected to fall
The Australian share market looks set to give back yesterday's gains on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day 32 points or 0.4% lower this morning. This follows a poor start to the week on Wall Street, which in late trades sees the Dow Jones down slightly, the S&P 500 down 0.1%, and the Nasdaq trading 0.35% lower.
Elders shares named as buy
The Elders Ltd (ASX: ELD) share price could be great value according to analysts at Goldman Sachs. In response to yesterday's full year results, the broker has retained its conviction buy rating and $15.65 price target on the agribusiness company's shares. Goldman expects Elders to continue this solid performance into FY 2022, with key drivers further delivering on the Eight Point Plan.
Oil prices soften
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) will be on watch after oil prices softened. According to Bloomberg, the WTI crude oil price is down slightly to US$80.76 a barrel and the Brent crude oil price has fallen 0.1% to US$82.09 a barrel. Fears that a supply boost could be coming put pressure on prices.
Gold price edges lower
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a subdued day after the gold price edged lower. According to CNBC, the spot gold price is down slightly to US$1,867.7 ounce. Higher bond yields are weighing on the safe haven asset.
Annual general meetings
A number of annual general meetings are taking place today and could see the release of trading updates at the events. Companies holding meetings include property giant Mirvac Group (ASX: MGR) and high-fliying lithium producer Pilbara Minerals Ltd (ASX: PLS).
