On Tuesday the S&P/ASX 200 index started the week on a very positive note. The benchmark index finished the day 1.6% higher at 6,546.3 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX expected to open higher.
The Australian share market looks set to continue its push higher on Wednesday despite a mixed night of trade over in the United States. According to the latest SPI futures, the ASX 200 index is poised to open 14 points or 0.2% higher this morning. On Wall Street the Dow Jones and the S&P 500 edged 0.05% lower, whereas the Nasdaq traded mostly flat.
Woolworths referred to Fair Work Australia.
The Woolworths Group Ltd (ASX: WOW) share price will be on watch this morning after Australia’s largest retail workers union, the Shop Distributive and Allied Employees Association, advised that it was taking the company to the Fair Work Commission over recent changes to the way it operates its supermarkets.
Oil prices edge higher.
Australian energy producers such as Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could be on the rise today after oil prices edged higher. According to Bloomberg, the WTI crude oil price rose 0.2% to US$53.36 a barrel and the Brent crude oil price pushed 0.1% to US$62.37 a barrel.
Gold price rises.
A number of Australia’s leading gold miners such as Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) fell heavily on Tuesday after trade war concerns eased and the gold price faded. They could rebound slightly today after the gold price edged higher. According to CNBC, the spot gold price has risen 0.1% to US$1,330.7 an ounce.
Afterpay shares on watch.
Afterpay Touch Group Ltd (ASX: APT) shares could potentially return to trade this morning if it has completed its capital raising. On Tuesday the payments company announced that it is raising $300 million at a minimum price of $21.75 per share. The proceeds will be used to fund the company’s mid-term target of $20 billion+ of GMV by accelerating its growth in the US, its recent UK launch, and continued investment in ANZ under its mid-term plan.
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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 AFTERPAY T FPO. 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.