On Tuesday the S&P/ASX 200 index returned to form and pushed higher. The benchmark index rose 0.4% to 6,948.7 points.
Will the local share market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 poised to storm higher.
The S&P/ASX 200 index looks set to storm higher on Wednesday following a positive night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is poised to rise 50 points or 0.7% at the open. In late trade on Wall Street the Dow Jones is up 1.6%, the S&P 500 index is trading 1.7% higher, and the Nasdaq index has stormed 2.2% higher.
Oil prices crash lower.
Energy producers including Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could come under pressure again on Wednesday after oil prices continued to slide. According to Bloomberg, the WTI crude oil price has fallen 0.7% to US$49.75 a barrel and the Brent crude oil price has dropped 0.6% to US$54.12 a barrel.
Tech shares on watch.
It could be a very positive day of trade for Australian tech shares such as Altium Limited (ASX: ALU) and Appen Ltd (ASX: APX). The local tech sector has a tendency to follow the lead of the technology-focused Nasdaq index. In late trade on Wall Street the Nasdaq index is up a massive 2.2%. Tesla is once again leading the way with another 20% gain.
Gold price sinks.
A further improvement in risk sentiment has put a lot of pressure on the gold price and could weigh on gold miners such as Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) on Wednesday. According to CNBC, the spot gold price has sunk 1.6% lower to US$1,556.70 an ounce.
CIMIC result.
The CIMIC Group Ltd (ASX: CIM) share price could be on the move today after the release of its full year results following the market close. The engineering company posted a loss after tax of $1 billion in FY 2019. This was due to a one-off post tax impact of $1.8 billion relating to the company's exit from the Middle East. The company also announced a change of CEO.
