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5 things to watch on the ASX on Wednesday

Although it faded as the day went on, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) finished with a 0.1% gain to 6,091.9 points on Tuesday.

Will the market be able to do better on Wednesday? Here are five things that could shape the day’s trade.

ASX futures point higher.

According to the latest SPI futures, the Australian share market is poised to open the day 5 points or 0.1% higher on Wednesday. This comes after a soft day of trade on U.S. markets which saw the Dow Jones and the Nasdaq edge higher and the S&P 500 end the day ever so slightly lower.

Budget reaction.

This morning there is likely to be a lot of Budget-related buying and selling going on. Home care provider Zenitas Healthcare Ltd (ASX: ZNT) could be one to watch after the government pledged $1.6 billion over the next four years to support older Australians who want to stay at home instead of going into aged care. Retail shares will also be on watch after income tax cuts were made across the board.

Results are due out.

This morning Incitec Pivot Ltd (ASX: IPL) and CSR Limited (ASX: CSR) are expected to release their latest results. In respect to Incitec Pivot, a note out of Goldman Sachs reveals that it is looking for a 17.8% increase in EBIT to $286 million, earnings per share of 10 cents, and a 5 cents per share interim dividend.

Oil prices have taken a tumble.

The strong run of oil prices came to an end overnight despite President Trump announcing plans to reinstate the highest level of economic sanctions on Iran. According to Bloomberg, the WTI crude oil price has fallen 1% to US$70.04 a barrel and the Brent crude oil price is off 0.2% to US$76.00 a barrel. The UK-listed shares of BHP Billiton Limited (ASX: BHP) fell 1.5% overnight.

ResMed goes ex-dividend.

The shares of RESMED Inc. (ASX: RMD) may drop lower this morning after going ex-dividend for the sleep treatment company’s quarterly dividend. Eligible investors can then look forward to receiving the 3.5 U.S. cents per share dividend in their nominated accounts on June 14.

Breaking news: ASX companies set to raise dividends!

It's been a nail-biter of a reporting season here in the first half of 2018.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended ResMed Inc. and Zenitas Healthcare Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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