On Tuesday the S&P/ASX 200 index was in fine form and raced notably higher. The benchmark index finished the day with a 0.8% gain to 6,787.5 points.
Will the local market be able to build on this on Wednesday? Here are five things to watch:
ASX futures pointing lower.
The S&P/ASX 200 index looks to have run out of steam on Wednesday. According to the latest SPI futures, the S&P/ASX 200 index is expected to fall 13 points or 0.2% at the open. In late trade on Wall Street the Dow Jones is up 0.1%, the S&P 500 index has risen 0.1%, and the Nasdaq is pushing 0.1% higher.
Oil prices charge higher.
It looks set to be a good day for energy shares such as Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL). According to Bloomberg, the WTI crude oil price rose 0.7% to US$58.42 a barrel and the Brent crude oil price pushed 1% higher to US$64.29 a barrel. Once again, trade deal optimism lifted oil prices.
Fisher & Paykel Healthcare results.
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price could be on the move today. It is due to release its half year results this morning. Both a strong half and guidance for the full year is expected. In respect to the latter, the medical device company recently revealed that it expects full year operating revenue of NZ$1.19 billion and net profit after tax in the range of approximately NZ$255 million to NZ$265 million.
Gold price rises.
The likes of Newcrest Mining Limited (ASX: NCM) and St Barbara Ltd (ASX: SBM) will be on watch on Wednesday after the gold price edged higher. According to CNBC, the spot gold price is up over 0.3% to US$1,461.5 an ounce. This took the gold price off its two-week low.
Collins Foods half year result.
The Collins Foods Ltd (ASX: CKF) share price will be on watch today when it releases its half year results. The quick service restaurant operator’s shares have been on fire this year thanks to its strong performance in FY 2019. Investors will no doubt be hoping this strong form has carried over into FY 2020 for its KFC and Taco Bell restaurants.
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James Mickleboro owns shares of Collins Foods Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of PUSHPAY FPO NZX. The Motley Fool Australia has recommended Collins Foods Limited and PUSHPAY FPO NZX. 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.