On Tuesday the S&P/ASX 200 Index (ASX: XJO) was on form again after COVID-19 vaccine news gave investor sentiment a major boost. The benchmark index rose 0.65% to 6,340.5 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 expected to rise.
The Australian share market is expected to continue its positive run on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day 63 points or 1% higher. This is despite a mixed night of trade on Wall Street which late on sees the Dow Jones up 0.7%, the S&P 500 down 0.1%, and the Nasdaq 1.1% lower.
Commonwealth Bank Q1 update.
The Commonwealth Bank of Australia (ASX: CBA) share price will be on watch today when the banking giant releases its first quarter update. In addition to its financial result, the bank is likely to release an update on its COVID-19 temporary loan repayment deferral data. Last month Commonwealth Bank revealed that approximately 93,000 home loans remained in deferral, with 52,000 of these due to expire and exit in October.
Oil prices continue to rise.
Energy producers including Beach Energy Ltd (ASX: BPT) and Oil Search Limited (ASX: OSH) could be on the move again today after oil prices continued to rise. According to Bloomberg, the WTI crude oil price climbed 2.2% higher to US$41.17 a barrel and the Brent crude oil price is up 2.3% to US$43.38 a barrel. The prospect of a COVID-19 vaccine being released soon has given oil prices a boost.
Gold price rebounds.
Gold miners such as Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a better day on Wednesday after the gold price rebounded. According to CNBC, the spot gold price has risen 1.1% to US$1,875.40 an ounce.
Annual general meetings.
Another group of shares are due to hold their virtual annual general meetings on Wednesday and could provide trading updates. These include Computershare Limited (ASX: CPU), Fortescue Metals Group Limited (ASX: FMG) and Newcrest Mining.
