On Tuesday the S&P/ASX 200 Index (ASX: XJO) started the shortened week on a very positive note. The benchmark index rose 0.85% to 6,885.9 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to give back some of its gains on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day 9 points or 0.1% lower this morning. This follows a weak night of trade on Wall Street, which saw the Dow Jones fall 0.3%, the S&P 500 drop 0.1%, and the Nasdaq edge lower.
Oil prices rebound
It could be a better day for energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) after oil prices rebounded. According to Bloomberg, the WTI crude oil price is up 1.3% to US$59.40 a barrel and the Brent crude oil price has risen 1% to US$62.78 a barrel. Strong economic data gave oil prices a lift.
Gold price storms higher
Gold miners Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) could be on the rise after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.9% to US$1,744.70 an ounce. The price of the precious metal rose after the US dollar and bond yields eased.
Qantas rated as a buy
The Qantas Airways Limited (ASX: QAN) share price is good value according to analysts at Goldman Sachs. This morning the broker reiterated its buy rating and $6.38 price target on the airline operator's shares following the announcement of an Australia-NZ travel bubble. Goldman notes that New Zealand accounted for ~13% of Qantas' international passengers prior to COVID-19.
Dividends being paid
A number of companies will be rewarding their shareholders later today with dividend payments. Among the companies paying shareholders are waste management company Cleanaway Waste Management Ltd (ASX: CWY) and engineering company Perenti Global Ltd (ASX: PRN). In other news, the Adbri Ltd (ASX: ABC) share price will be trading ex-dividend this morning for its 7.3 cents per share dividend.
