5 things to watch on the ASX 200 on Tuesday

On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small gain. The benchmark index rose 0.1% to 9,029.7 points.

Will the market be able to build on this on Tuesday? Here are five things to watch:

ASX 200 expected to rise again

The Australian share market looks set for a good session on Tuesday following a strong start to the week in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 84 points or 0.9% higher. In late trade on Wall Street, the Dow Jones is up 2.2%, the S&P 500 is up 2.4%, and the Nasdaq is up 2.7%.

Virgin Australia update

The Virgin Australia Holdings Ltd (ASX: VGN) share price will be on watch today after the airline operator released a market update. Virgin Australia revealed that it continues to experience strong customer demand, particularly for event-related travel. This is being supported by disciplined capacity management and benefits from its Transformation Program. As a result, management has reaffirmed its outlook and continues to expect underlying EBIT to be broadly in line with the prior corresponding period.

Oil prices tumble

It could be a tough session for ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 3.45% to US$87.69 a barrel and the Brent crude oil price is down 4.75% to US$93.64 a barrel. Once again, this was driven by US-Iran peace talk optimism.

Accumulate James Hardie shares

The team at Morgans thinks investors should be considering James Hardie Industries plc (ASX: JHX) shares. In response to its quarterly update, the broker has retained its accumulate rating with an improved price target of $45.75. It said: "JHX delivered a clean 2Q27 beat (vs MorgansF and Consensus). Adjusted (Adj.) net sales from continuing operations of US$1,428m (+24% yoy) was at the high end of guidance and 3.0% ahead of our forecast, Adj. EBITDA of US$455m beat us by 9.8% and consensus by 5.1%. […] Our forecasts remain largely unchanged, while our target price increases to A$45.75 (from A$43.00) on higher peer multiples. We maintain ACCUMULATE: JHX continues to grow well above its end markets, and a prudent guidance against a weak backdrop leaves room to continue beating expectations."

Gold price rises

ASX 200 gold shares Genesis Minerals Ltd (ASX: GMD) and Capricorn Metals Ltd (ASX: CMM) could have a good session on Tuesday after the gold price pushed higher again overnight. According to CNBC, the gold futures price is up 0.9% to US$4,112.2 an ounce. This was driven by softer oil prices, which are easing inflation fears.

The post 5 things to watch on the ASX 200 on Tuesday appeared first on The Motley Fool Australia.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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