On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a positive fashion. The benchmark index rose 1.3% to 7,748.6 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
The Australian share market is expected to rise again on Tuesday following a good start to the week in the United States. According to the latest SPI futures, the ASX 200 is poised to open the day 5 points higher. On Wall Street, the Dow Jones was up 0.8%, the S&P 500 rose 0.8%, and the Nasdaq was 0.65% higher.
Viva Energy Group Ltd (ASX: VEA) shares could be dirt cheap according to Goldman Sachs. According to a note released this morning, the broker has reaffirmed its buy rating and $3.00 price target on the fuel retailer's shares. This is almost double where its shares currently trade. Goldman said: "Trading at a ~50% discount to our SOTP valuation of A$3.00/sh, which in our view fails to reflect the potential for earnings improvement from 1H25 and over-capitalises weak refining earnings over 2025 impacted by a planned turnaround."
It could be a decent session for ASX 200 energy shares including Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) after oil prices rose overnight. According to Bloomberg, the WTI crude oil price is up 0.2% to US$61.62 a barrel and the Brent crude oil price is up 0.3% to US$64.97 a barrel. This was despite OPEC cutting demand forecasts due to Trump tariffs.
Bellevue Gold Ltd (ASX: BGL) shares could be a buy when they return from their trading halt according to analysts at Goldman Sachs. This morning, the broker has retained its buy rating on the gold miner's shares with a reduced price target of $1.25. It said: "While FY25 FCF yields are impacted by the lower production, this is partly offset by lower growth spend (with the Stage 2 mill expansion from 1.35Mtpa to 1.6Mtpa paused; no longer in our base case), where we see these returning to double digits in FY26E and remaining attractive at ~20% on our more conservative production profile (though may require a period of consistent execution to support a re-rate following underperformance)."
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 eased back overnight. According to CNBC, the gold futures price is down 0.55% to US$3,227 an ounce. Improving investor sentiment led to the precious metal softening.
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