On Tuesday the S&P/ASX 200 index was out of form and tumbled a disappointing 0.5% to 6,614.1 points.
Will the Australian share market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 expected to push higher.
It looks set to be a positive day of trade for the Australian share market. According to the latest SPI futures, the ASX 200 index is expected to open the day 18 points or 0.3% higher this morning after a mildly positive night on Wall Street. In the United States the Dow Jones rose 0.3%, the S&P 500 edged ever so slightly higher, and the Nasdaq dropped a few points lower.
Oil prices mixed.
Australian energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) will be on watch on Wednesday after a mixed night of trade for oil prices. According to Bloomberg, the WTI crude oil price dropped 0.2% to US$57.75 a barrel and the Brent crude oil price is up 0.1% to US$62.66 a barrel.
Gold price falls again.
Gold miners Northern Star Resources Ltd (ASX: NST) and Regis Resources Limited (ASX: RRL) could be on the slide again after rising bond yields led to further weakening of the gold price. According to CNBC, the spot gold price dropped a further 1.2% to US$1,493.3 per ounce.
Premier Investments rated as neutral.
The Premier Investments Limited (ASX: PMV) share price will be on watch today after analysts at Goldman Sachs reiterated their neutral rating and $16.40 price target on the retailer’s shares ahead of its results release next week. The broker expects Premier Investments to report a net profit after tax of $127.9 million, compared to the market consensus estimate of $129 million. The latter is year on year growth of 17.8%.
Shares trade ex-dividend.
Another group of shares are due to trade ex-dividend this morning and could drop lower. These include engineering company Cimic Group Ltd (ASX: CIM), struggling horticulture company Costa Group Holdings Ltd (ASX: CGC), childcare centre operator G8 Education Ltd (ASX: GEM), and job listings giant SEEK Limited (ASX: SEK).
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Motley Fool contributor James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. The Motley Fool Australia has recommended SEEK 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.