On Thursday, the S&P/ASX 200 Index (ASX: XJO) finished the shortened week in style. The benchmark index rose 0.6% to 7,523.4 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 edge higher
The Australian share market looks set to start the week with a small gain. According to the latest SPI futures, the ASX 200 is poised to open the day 10 points or 0.1% higher. On Wall Street on Monday night, the Dow Jones fell 0.1%, the S&P 500 was flat, and the Nasdaq dropped 0.15%.
Allkem shares rated a buy
The Allkem Ltd (ASX: AKE) share price could be good value according to the team at Bell Potter. In response to the lithium miner's third quarter update, the broker has retained its buy rating but trimmed its price target slightly to $17.53. Bell Potter said: "We expect AKE's near term cash generation to lift substantially into 2023 as strength in lithium commodity indices flows through to lagged realised prices."
Oil prices rise
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a decent day after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 0.9% to US$107.92 a barrel and the Brent crude oil price has risen 1.2% to US$113.06.94 a barrel. A Libyan outage added to supply concerns.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a decent day after the gold price rose overnight. According to CNBC, the spot gold price is up 0.3% to US$1,981.20 an ounce. The precious metal hit a one-month high amid concerns over rising inflation.
Bank of Queensland rated as a buy
Investors may have responded negatively to the Bank of Queensland Limited (ASX: BOQ) half year results, but one leading broker is keeping the faith. According to a note out of Goldman Sachs, its analysts have retained their buy rating but trimmed their price target to $9.34. The broker highlights that "BOQ's 12-month forward PER (ex-dividend adjusted) is trading at a 30% discount to the sector versus a 15-year average discount of 2%."
