On Tuesday the S&P/ASX 200 index bounced back from Monday’s selloff with a small gain to 6,130.6 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX futures pointing higher.
According to the latest SPI futures, the ASX 200 is expected to open the day slightly higher. Current futures contracts are pointing to a gain of 1 point at the open. This follows a positive night of trade on Wall Street, which late in the session sees the Dow Jones up 0.25%, the S&P 500 up 0.4%, and the Nasdaq trading 0.25% higher.
Oil prices rebound.
Beach Energy Ltd (ASX: BPT) and Oil Search Limited (ASX: OSH) shares are likely to push higher on Wednesday after oil prices rebounded strongly overnight. According to Bloomberg, the WTI crude oil price has stormed 2% higher to US$59.98 a barrel and the Brent crude oil price rose 1.2% to US$68.01 a barrel. Oil prices pushed higher after OPEC supply cuts and expectations of lower U.S. inventories offset demand concerns.
Gold price tumbles.
The Newcrest Mining Limited (ASX: NCM) share price could come under pressure today after the gold price tumbled lower overnight. The spot gold price dropped 0.5% to US$1,316.20 an ounce after risk appetite grew and the U.S. dollar strengthened.
Dividends being paid.
A number of shares will be paying their shareholders dividends today. These include design software company Altium Limited (ASX: ALU), Australian stock market operator ASX Ltd (ASX: ASX), aged care provider Estia Health Ltd (ASX: EHE), and scrap metal company Sims Metal Management Ltd (ASX: SGM).
Coles rated as a buy.
The Coles Group Ltd (ASX: COL) share price could be on the rise on Wednesday after analysts at Goldman Sachs responded positively to its agreement with Ocado. According to the note, the broker has retained its buy rating and lifted the price target on the supermarket giant’s shares to $13.30.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COLESGROUP DEF SET. The Motley Fool Australia owns shares of Altium and ASX Limited. 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.