5 things to watch on the ASX 200 on Wednesday

Altium Limited (ASX:ALU), CIMIC Group Ltd (ASX:CIM), and Evolution Mining Ltd (ASX:EVN) shares will be on watch on the ASX 200 on Wednesday…

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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.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Altium and Appen 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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