On Tuesday the S&P/ASX 200 Index (ASX: XJO) was out of form and tumbled lower. The benchmark index fell 0.45% to 6,631.3 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 to rebound.
It looks set to be a better day of trade for the Australian share market on Wednesday. According to the latest SPI futures, the ASX 200 is poised to open the day 35 points or 0.5% higher this morning. This follows a solid night on Wall Street, which in late trade sees the Dow Jones up 1.1%, the S&P 500 up 1.2%, and the Nasdaq up 0.9%. Renewed stimulus hopes drove shares higher.
ANZ annual general meeting.
The Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price will be on watch today when it holds its annual general meeting. The banking giant could provide investors with an update on current trading and its COVID-19 loan deferrals.
Oil prices push higher.
Energy producers including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a solid day after oil prices rose again. According to Bloomberg, the WTI crude oil price is up 1% to US$47.45 a barrel and the Brent crude oil price has climbed 0.65% to US$50.61 a barrel. Vaccine optimism Is helping drive oil prices higher.
Gold price rebounds.
Gold miners such as Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could be on the rise today after the gold price rebounded. According to CNBC, the spot gold price has jumped 1.3% to US$1,855.80 an ounce. Renewed COVID stimulus hopes was behind the rebound.
St Barbara given conviction buy rating.
The St Barbara Ltd (ASX: SBM) share price could be going a lot higher from here according to one leading broker. A note out of Goldman Sachs reveals that its analysts have a conviction buy rating and $4.10 price target on its shares. This compares to the current St Barbara share price of $2.45. The broker notes that St Barbara’s shares are trading at a significant discount to its gold peers.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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