On Tuesday the S&P/ASX 200 index returned to form with a 0.6% gain to 6,570 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX poised to open higher.
The Australian share market is expected to charge higher this morning following another positive night of trade on Wall Street. According to the latest SPI futures, the ASX 200 index is expected to open the day 42 points or 0.6% higher this morning. On Wall Street the Dow Jones raced 1.3% higher, the S&P 500 climbed 1%, and the Nasdaq stormed 1.4% higher amid hopes that a US-China trade deal could soon be signed.
The Link Administration Holdings Ltd (ASX: LNK) share price could be on the move on Wednesday after a late announcement yesterday. The administration services company revealed that it has extended its contract with AustralianSuper for a further four years, with two options for AustralianSuper to roll, each for an additional year. It also reconfirmed its full year guidance at its investor day event.
Oil prices storm higher.
It looks set to be a positive day of trade for Australian energy producers such as Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) after oil prices stormed higher thanks to US-China trade talk optimism. According to Bloomberg, the WTI crude oil price jumped 4.2% to US$54.09 a barrel and the Brent crude oil price rose 2.2% to US$62.28 a barrel.
Gold price rises.
Australian gold miners Northern Star Resources Ltd (ASX: NST) and Resolute Mining Ltd (ASX: RSG) are likely to trade higher today after the spot gold price jumped ahead of tomorrow’s FOMC decision on U.S. interest rates. According to CNBC, the spot gold price is up 0.5% to US$1,349.90 an ounce.
Appen share sale.
The Appen Ltd (ASX: APX) share price will be on watch today after the release of a change of director’s interest notice late in the day on Tuesday revealed that one of its non-executive directors has become the latest insider to sell a large number of shares. According to the notice, Bill Pulver sold 39% of his holding or 392,819 shares at an average of $27.513 per share.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Link Administration Holdings Ltd. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Link Administration Holdings 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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