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5 things to watch on the ASX on Wednesday

On Tuesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) gave back Monday’s gains with a 0.5% decline to 5,994.9 points.

Will the local market be able to bounce back on Tuesday? Here are five things that could have a say in matters:

ASX futures are pointing higher.

According to the latest SPI futures, the Australian share market is expected to open the day higher by 0.3% or 16 points on Wednesday. This comes on the back of another mildly positive day of trade on U.S. markets. The Dow Jones Industrial Average was flat, but the S&P 500 was 0.1% higher and the NASDAQ climbed 0.4%.

Prospa hits the ASX boards.

One of the biggest IPOs of the year hits the ASX boards today. Small business lender Prospa Group Limited (ASX: PGL) will list with a market capitalisation of approximately $580 million after raising $146.5 million at $3.64 per share. Prospa claims to be Australia’s number one online lender to small businesses, with its key selling point being that an application takes just 10 minutes and you can get same day approval and funding.

Shares going ex-dividend.

The shares of ALS Ltd (ASX: ALQ) and James Hardie Industries plc (ASX: JHX) are likely to spend the day in the red today after going ex-dividend this morning. Eligible shareholders of ALS can look forward to receiving its 9 cents per share dividend on July 2, while James Hardie shareholders will receive their 31.9 cents per share dividend on August 8.

Australian GDP data release.

Later today the Australian Bureau of Statistics will release its GDP data for the March quarter. According to a note out of Westpac Banking Corp (ASX: WBC) last week, the bank expects Australian real GDP growth of 0.9%, lifting the annual growth trend to 2.8%.

Commodity prices improve.

The shares of BHP Billiton Limited (ASX: BHP) and Oil Search Limited (ASX: OSH) could bounce back on Wednesday after improvements in oil and iron ore prices. According to Bloomberg, Brent crude oil slipped 0.2% to US$75.10 a barrel, but WTI crude oil rose a solid 1.2% to US$65.53 a barrel.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia has no position in any of the stocks mentioned. 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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