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On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a very positive fashion. The benchmark index rose 0.8% to 7,788.3 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 again on Tuesday. According to the latest SPI futures, the ASX 200 is poised to open the day 18 points or 0.25% higher. Wall Street was closed for the Memorial Day holiday and the UK market was closed for a bank holiday. However, the DAX and CAC were open for business and had positive sessions. Each rose 0.45% overnight.
Elders goes ex-dividend
The Elders Ltd (ASX: ELD) share price will be trading ex-dividend on Tuesday and could trade lower. Last week, the agribusiness company released its half year results and reported a sharp profit decline. This forced the Elders board to cut its interim dividend by 22% to 18 cents per share. The company’s shares will trade ex-dividend for this partially franked dividend this morning. After which, eligible shareholders can look forward to receiving it in their bank accounts next month on 26 June.
Oil prices rise
It could be a good session for ASX 200 energy shares including Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.1% to US$78.55 a barrel and the Brent crude oil price is up 1.1% to US$83.04 a barrel. Optimism over an upcoming OPEC+ meeting appears to have given prices a boost.
Neuren rated as a buy
The Neuren Pharmaceuticals Ltd (ASX: NEU) share price can keep rising according to analysts at Bell Potter. Despite rising almost 16% on Monday, the broker believes there are still strong gains ahead for the ASX 200 pharma stock. Bell Potter responded to the company’s trial results by reiterating its buy rating and lifting its price target to $28.00. This implies potential upside of almost 17% for investors over the next 12 months.
Gold price rises
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a good session on Tuesday after the gold price rose overnight. According to CNBC, the spot gold price is up 0.8% to US$2,352.5 an ounce. Traders were buying the precious metal ahead of the release of US inflation data this week.