On Tuesday the S&P/ASX 200 Index (ASX: XJO) was in fine form and stormed notably higher. The benchmark index jumped 1.3% to 6,644.1 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 expected to rise again.
The Australian share market is expected to continue its rise on Wednesday. According to the latest SPI futures, the ASX 200 is expected to rise 37 points or 0.55% at the open. This follows a very positive night of trade on Wall Street which in late trades sees the Dow Jones up 1.5%, the S&P 500 jump 1.6%, and the Nasdaq rise 1.4%. The Dow Jones broke through the 30,000 points mark for the first time.
Fisher & Paykel Healthcare half year results.
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price will be on watch this morning when it releases its half year results. The medical device company is expected to deliver strong first half growth thanks to increased demand for ventilators during the pandemic. In August, the company provided full year guidance for operating revenue of approximately NZ$1.61 billion and net profit after tax of NZ$365 million to NZ$385 million. An update on this guidance is likely today.
Oil prices jump higher.
Energy producers including Oil Search Ltd (ASX: OSH) and Santos Ltd (ASX: STO) could push higher again today after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 4.3% to US$44.92 a barrel and the Brent crude oil price has risen 3.8% to US$47.81 a barrel. This appears to have been driven by a combination of vaccine news and President Trump allowing the Biden administration transition to start.
Gold price continues to sink.
Gold miners including Evolution Mining Ltd (ASX: EVN) and Saracen Mineral Holdings Limited (ASX: SAR) could come under pressure after the gold price sank lower again. According to CNBC, the spot gold price dropped a further 1.85% to US$1,803.30 an ounce. This is being driven by reduced demand for safe haven assets.
Harvey Norman AGM update.
The Harvey Norman Holdings Limited (ASX: HVN) share price could be on the move today. The retail giant is holding its annual general meeting and traditionally provides the market with a sales update at the event. Expectations are high after its rival JB Hi-Fi Limited (ASX: JBH) delivered a strong update at its meeting last month.
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