On Tuesday the S&P/ASX 200 Index (ASX: XJO) rebounded strongly and recorded a very strong gain. The benchmark index jumped 3.9% to 5,942.3 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 poised to extend its gains.
It looks set to be another good day of trade for the ASX 200. According to the latest SPI futures, the benchmark index is expected to open the day 26 points or 0.45% higher this morning. This follows a positive night of trade on Wall Street which saw the Dow Jones rise 2.05%, the S&P 500 jump 1.9% higher, and the Nasdaq index stormed 1.75% higher. Strong U.S. retail sales data helped drive Wall Street higher.
Oil prices rise.
Energy producers such as Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could be on the rise today after oil prices pushed higher. According to Bloomberg, the WTI crude oil price rose 2.4% to US$37.99 a barrel and the Brent crude oil price climbed 2.5% to US$39.76 a barrel. Supply cuts have been supporting oil prices.
Gold price jumps.
It could be a positive day of trade for gold miners including Evolution Mining Ltd (ASX: EVN) and Saracen Mineral Holdings Limited (ASX: SAR). Overnight the gold price stormed higher amid concerns over a coronavirus outbreak in China. According to CNBC, the spot gold price is up 0.5% to US$1,735.90 an ounce
Viva Energy given buy rating.
The Viva Energy Group Ltd (ASX: VEA) share price was a very strong performer on Tuesday but could still go higher according to analysts at Goldman Sachs. This morning its analysts retained their buy rating and lifted their price target on the fuel retailer’s shares to $2.15. The broker notes that fuel volumes are recovering quicker than expected and its guidance is well ahead of consensus expectations.
Jumbo Interactive to return.
The Jumbo Interactive Ltd (ASX: JIN) share price is scheduled to return from its trading halt this morning. The online lottery ticket seller requested the halt on Monday while it prepared an announcement relating to the Western Australia lottery market. Last year the state government suggested it might privatise its wagering.
These 3 stocks could be the next big movers in 2020
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.
*Returns as of 6/8/2020
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Jumbo Interactive Limited. The Motley Fool Australia owns shares of and has recommended Jumbo Interactive 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.
- Where to invest $10,000 into ASX shares immediately – September 18, 2020 3:33pm
- The Sezzle (ASX:SZL) share price is up 15% this week – September 18, 2020 3:21pm
- QuickFee (ASX:QFE) share price lower after capital raising to support Splitit partnership – September 18, 2020 2:56pm