On Tuesday the S&P/ASX 200 index edged lower for a second day in a row. The benchmark index fell 0.15% to 7,113.7 points.
Will the local share market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 expected to rise.
The S&P/ASX 200 index looks set to edge higher this morning. According to the latest SPI futures, the ASX 200 is poised to rise 9 points or 0.1% at the open. This follows a disappointing start to the week on Wall Street following the public holiday. In late trade the Dow Jones is down 0.5%, the S&P 500 is 0.25% lower, and the Nasdaq is up 0.1%.
Domino's half year update.
The Domino's Pizza Enterprises Ltd (ASX: DMP) share price will be on watch today when it releases its half year results. Goldman Sachs has tipped the pizza chain operator as a company that could surprise to the upside during earnings season. It has pencilled in first half comparable store sales growth of 4.6%. This compares to consensus expectations of 3.3% growth. In addition to this, the broker expects to see margin expansion in both Japan and Europe as a result of its strong execution.
Oil prices edge higher.
Energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: BPT) could be on the rise today after oil prices edged higher again. According to Bloomberg, the WTI crude oil price rose 0.05% to US$52.08 a barrel and the Brent crude oil price is up 0.15% to US$57.76 a barrel.
Gold price hit US$1,600.
Gold miners Newcrest Mining Limited (ASX: NCM) and Saracen Mineral Holdings Limited (ASX: SAR) could be on the move today after the gold price surged higher. According to CNBC, the spot gold price is up 1.1% to US$1,603.80 an ounce amid further coronavirus concerns.
Wesfarmers offloads Coles shares.
The shares of Coles Group Ltd (ASX: COL) and Wesfarmers Ltd (ASX: WES) will be on watch after the latter announced an agreement to sell a 4.9% stake in the supermarket giant. Following the sale process, the conglomerate will retain a minority interest of 10.1% in the supermarket giant. Wesfarmers' managing director, Rob Scott, believes the partial sale of its stake is in the best interests of shareholders. These shares have a market value of approximately $1.1 billion.
