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On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small decline. The benchmark index fell 0.3% to 7,700.3 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
ASX 200 expected to rebound
The Australian share market is expected to rebound on Tuesday after a strong start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 30 points or 0.4% higher. On Wall Street, the Dow Jones was up 0.5%, the S&P 500 rose 0.8%, and the Nasdaq charged 0.95% higher.
Clinuvel named as a buy
The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price could be dirt cheap according to analysts at Bell Potter. This morning, the broker has reaffirmed its buy rating and $22.25 price target on the healthcare stock. It said: “We view the first vitiligo Phase 3 readout in CY25 as a significant catalyst for the company and see the current CUV price as a good entry point for those willing to take on clinical risk with downside mitigated to a degree by the existing, profitable EPP franchise.”
Oil prices jump
It could be a very good session for ASX 200 energy shares such as 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 2.6% to US$80.47 a barrel and the Brent crude oil price is up 2.1% to US$84.39 a barrel. Oil prices are rising amid optimism that summer fuel demand will draw down inventories and tighten the market in the third quarter.
Premier Investments goes ex-dividend
Premier Investments Limited (ASX: PMV) shares are going ex-dividend on Tuesday and could trade lower. In March, the Smiggle and Peter Alexander owner released its half year results and reported EBIT of $209.8 million. This allowed the company to increase its interim dividend by 16.7% to a record of 63 cents per share. Eligible shareholders can now look forward to receiving this on 24 July.
Gold price falls
ASX 200 gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a subdued session on Tuesday after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.6% to US$2,334.9 an ounce. Higher bond yields put pressure on the precious metal.