On Tuesday the S&P/ASX 200 Index (ASX: XJO) was on form again and stormed higher. The benchmark index rose 0.7% to 6,917.3 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX futures pointing lower
The Australian share market looks to have run out of steam. According to the latest SPI futures, the ASX 200 is expected to open the day 20 points or 0.3% lower this morning. This follows a mixed start to the week on Wall Street following the President's Day holiday. In late trade the Dow Jones is up 0.25%, the S&P 500 is flat, and the Nasdaq is down 0.4%.
Oil prices flat
Energy producers Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) will be on watch today after a subdued night for oil prices. According to Bloomberg, the WTI crude oil price is flat at US$59.95 a barrel and the Brent crude oil price is flat at US$63.27 a barrel. Oil prices have been climbing this week after a deep freeze in the US shut oil wells.
Coles half year results
The Coles Group Ltd (ASX: COL) share price could be on the move today when it releases its half year results. According to a note out of Goldman Sachs, its analysts are expecting Coles to report group sales of $20,585.9 million for the half. This will be an increase of 9.2% on the prior corresponding period. On the bottom line, the broker is expecting a 10.5% increase in underlying net profit after tax to $540.4 million. This is forecast to lead to an interim dividend of 34 cents per share being declared.
Gold price sinks
Gold miners Evolution Mining Ltd (ASX: EVN) and Resolute Mining Limited (ASX: RSG) could come under pressure after the gold price sank overnight. According to CNBC, the spot gold price dropped 1.4% to US$1,798.00 an ounce. Rising US treasury yields are weighing on the safe haven asset.
Webjet half year results
All eyes will be on the Webjet Limited (ASX: WEB) share price this morning when it releases its half year results. The online travel agent is expected to report a material loss due to the impacts of COVID-19 on its operations. Investors will no doubt be paying close attention to commentary around its current cash burn and when it expects to be profitable again.
