On Tuesday the S&P/ASX 200 Index (ASX: XJO) was a very positive performer and surged notably higher. The benchmark index jumped 1.9% to 6,066.4 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 flat ahead of US election result.
It looks set to be a potentially volatile day of trade for the Australian share market due to the U.S. election. The result of which should start to filter through during our trading day. For now, according to the latest SPI futures, the ASX 200 is expected to open the day flat. Over in the US, in late trade the Dow Jones is up 2%, the S&P 500 has risen 1.9%, and the Nasdaq has stormed 2% higher.
Woolworths Q1 update.
Hot on the heels of the Coles Group Ltd (ASX: COL) first quarter update, Woolworths Group Ltd (ASX: WOW) will release an update of its own this morning. According to a note out of Goldman Sachs, it expects Woolworths to report revenue of $17.5 billion for the first quarter. This will be a 9.8% increase on the prior corresponding period. The broker believes this will be driven largely by strong growth in the supermarkets segment. This is expected to be aided by a successful collectibles promotion and outperformance in the online channel.
Oil prices higher.
It could be a decent day of trade for energy producers such as Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) after oil prices continued their recovery. According to Bloomberg, the WTI crude oil price is up 2.1% to US$37.58 a barrel and the Brent crude oil price has risen 1.8% to US$39.66 a barrel.
Gold price pushes higher.
It could also be a good day for gold miners such as Evolution Mining Ltd (ASX: EVN) and Saracen Mineral Holdings Limited (ASX: SAR) after the gold price pushed higher. According to CNBC, the spot gold price is up 1% to US$1,911.10 an ounce. This appears to have been driven by nervous investors ahead of the U.S. election result.
Annual general meetings.
A number of companies are holding their annual general meetings today and could provide updates at their virtual events. One of those companies is pizza chain operator Domino's Pizza Enterprises Ltd (ASX: DMP). It is expected to have had a strong start to the year thanks to consumers staying home more often and ordering takeaway.
